Reporting The Global Economy: Asian Countries Exemplify Positive Output
Before 2021 came to an end, the global economy witnessed quite an up stroll that impacted individual countries and the world as a whole.
Here are a few latest developments across the global economy that are worth-paying attention to.
Three major Asian countries registered their remarkable contribution to the global economy. Where Japan registered an incredible record last November with a hick of7.2 percent sales in the car industry, South Korea demonstrated that there was an ease in supply disruption, right before the Omicron variant started to spread.
Besides them, China's Beijing witnessed some relief with the continued expansion of the manufacturing sector within the country.
While the Asian countries were showing growth, the USA's merchandise trade deficit enlarged to $97.8 billion from $83.2 billion in a month.
Where a section of the world reflected the growth and the other was withering over time, Europe, a continent requiring no introduction, witnessed a surge in electricity invoices like never before.
There was nearly a surge of 200 percent in electricity invoices in Germany, Spain, France, and the UK. However, the reason why such a hick was witnessed isn't clear!
With the soaring inflation, central banks too raised their borrowing cost in 2021, while it is expected that one of the major economies, witnessing the biggest interest rate increase, Brazil would hold up the trend in 2022 as well.
Besides the drought-like expected scenario in 2022, there is a high chance of harvest and stocking risks of a higher food population in 2022. Meanwhile, Brazil's unemployment rate slipped more than anticipated in October, boosting Latin Americas biggest economy through a recession.
After witnessing so much, it is expected the decade ahead would bring in much growth of nearly 3.2%, which is below the average of prior years but worth considering the roaring crisis the globe witnessed.