world economic news

World Economic News – Thursday 28/07/2022



The Central Bank of Turkey increased on Thursday its annual inflation forecast from April’s estimate of 42.8 percent to 60.4 percent in the latest outlook, mostly due to growing costs of food products and imports as well as the national currency’s weakness against the US dollar.


The US Federal Reserve raised interest rates by 75 basis points on Wednesday and the bank’s Chair Jerome Powell said the Fed is likely to slow the pace of rate hikes as he does not believe the economy has entered a recession. “I do not think the U.S. is currently in a recession and the reason is there are too many areas of the economy that are performing too well,” he said.


Eurozone money supply growth slowed slightly in June and credit to the private sector logged a faster growth, the European Central Bank said on Wednesday. The broad monetary aggregate M3 grew 5.7 percent annually last month, slightly slower than the revised 5.8 percent increase in May. M3 was forecast to grow 5.4 percent. Meanwhile, the annual growth rate of credit to the private sector increased to 5.2 percent in June from 4.8 percent in May.


Export prices in Australia were up 10.1 percent on quarter in the second quarter of 2022, the Australian Bureau of Statistics said on Thursday -slowing sharply from a downwardly revised 14.6% gain in Q1. Through the year to Q2, export prices jumped 38.7 percent and import prices spiked 22.1 percent.