2023-08-09 00:59:42
The global economy continues to be impacted by the repercussions of the war in Ukraine, the persistence of inflation at high levels and the tightening of monetary policies. This is reported in the July 2023 economic outlook note from the Central Bank of West African States (BCEAO).
A.W.A.
During the month of June 2023, economic indicators confirm the slowdown in economic activity, particularly in the United States, Europe and China. In the United States, the pace of growth in economic activity has weakened, despite the increase in durable goods orders and the resilience of the real estate sector. In the euro zone, activity was marked by a slowdown in the expansion of the private sector. In the United Kingdom, the recovery, driven by the boom in financial services, was weakened by the slowdown in the manufacturing sector. In Japan, activity in the manufacturing sector contracted further, resulting from the drop in new orders and employment. In emerging countries, economic activity shows diverging trends. In China, economic activity increased in June 2023 at a slower pace, despite the increase in new orders. In India, the PMI for the manufacturing sector rose, boosted by the increase in production. Russia’s manufacturing PMI rose in June 2023 as new orders accelerated. In Brazil, the PMI index for the manufacturing sector, which was already in the contraction zone, accentuated its downward trend, in line with the weakness of domestic demand. In South Africa, economic activity, constrained by demand, fell back in June 2023. The impacts in Africa are also enormous.
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QA August 8, 2023
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