The International Monetary Fund upgraded its world economic growth projections as the full reopening of China is set to safeguard the recovery. The global growth outlook for 2023 was revised up by 0.2% points to 2.9%, the IMF said in its World Economic Outlook Update, released Tuesday.
Japan’s industrial production was down a seasonally adjusted 0.1% on month in December, beating expectations for a decline of 1.2%, according to the Ministry of Economy, Trade and Industry. On a yearly basis, industrial production slumped 2.8%, missing forecasts for a fall of 2.0%.
The seasonally adjusted unemployment rate in Germany was unchanged at 5.5% in January, according to a report released by the country’s Federal Employment Agency on Tuesday. “Seasonally adjusted unemployment fell and underemployment increased only slightly. Reported demand for new employees continued to be high, however, it had been noticeably weakening for some time,” read the report.
The French economy grew 0.1% quarter-on-quarter in the fourth quarter of 2022, following a 0.2% increase in the third quarter. This was in line with the Bank of France forecast.
China’s factory activity bounced back in January and expanded for the first time since September. The official manufacturing purchasing managers’ index (PMI) rose to 50.1 this month, above the 50-point mark that separates growth from contraction, data from the national bureau of statistics showed.