We keep close tabs on the global economy using two observational publications, Global Inflation Heat Maps and GDP Heat Maps. The monthly Global Inflation Heat Maps are a monthly visual representation of the evolving inflationary pressures across various sectors in the world’s largest economies. The quarterly GDP Heat Maps summarises the national accounts data for 53 countries.
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GDP Heat maps
October 2024
The show must go on! No appetite for demand destruction!
Global nominal growth shaded higher in the second quarter of 2024, at 6.5 per cent, supported by stronger growth in North and Latin America, and offset by weaker readings for China, Japan, and the European majors. The GDP deflator stuck at an annual pace of 3.9 per cent, led by Asia (ex-China and Japan), a reminder of the stubborn inflationary pressures.
GLOBAL INFLATION HEAT MAPS
September/October 2024
Core inflation belies central bank optimism
While headline inflation measures edge lower, the same cannot be said for core inflation, which sits well above the target rate in US, Eurozone and UK. Favourable base effects are evaporating, and central bank resolve is weakening. Large structural budget deficits pose an underlying threat to the objective of stable, low inflation.