Global News Of Note: World Bank Sees Stronger Growth This Year

What happens abroad impacts MSCI members in North America. Here is the latest economic, trade, and other policy news of note for the last week:

• The World Bank revised its global economic growth forecast to 2.6 percent for the year, up from the bank’s previously-forecast 2.4 percent growth rate. The improvement was largely due to a stronger-than-expected 2.5 percent projection for growth in the United States. Despite the good news, the World Bank said global growth remains sluggish compared to historical standards because developing countries are grappling with heavy debts, high interest rates, and geopolitical conflicts. The World Bank also raised concerns about rising trade barriers and warned prolonged high interest rates could further slow economic growth. Click here to read the full report.
• As Fastmarkets reported, China’s exports of finished steel increased year-over-year in May. Specifically, exports in May 2024 came in at 9.63 million tons, up 15 percent from 8.36 million tons in May 2023, but down four percent from 9.22 million tons in April 2024. Exports totaled 44.66 million tons in the first five months of 2024, an increase of 24.7 percent from 35.82 million tons exported during the same period in 2023.
• Industrial production in the Eurozone fell by 0.1 percent between March 2024 and April 2024 and was down by three percent between April 2023 and April 2024. Read the full report here.