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
Japan bucks the disinflationary trend
Global nominal growth took another step down in the second quarter, to 6.4 per cent from 7.4 per cent. Japan bucked the trend with a 5.3 per cent annual gain, exceeding that of China and the Asian average. Real growth declined further, principally driven by US and
China. Inflation remains sticky in Japan, Europe and Latin America.
GLOBAL INFLATION HEAT MAPS
Global disinflation is on pause
Despite the recovery of energy prices and its reflection in transport inflation, there remains a net disinflationary bias among advanced economies as core inflation rates drift lower. Emerging countries, led by China and India, are tilting towards higher inflation again. The widespread lack of fiscal responsibility presents an ongoing threat to the inflation outlook.