The Macro Brief by HSBC Global Research
Ready for rate cuts?
Mar 28, 2024
Global Chief Economist at HSBC Global Research, Janet Henry, discusses the outlook for the world economy amidst central banks' rate cutting cycles. Topics include positive economic signs, global GDP forecasts, US productivity advantage from AI adoption, post-election fiscal speculations, and policy rate forecasts with a focus on rate cuts.
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Quick takeaways
- Global composite PMIs are improving, especially in China and Europe, signaling data stabilization.
- Revised 2024 global economic growth forecasts show growth moving from 2.4% to 2.6%, driven by US and India.
Deep dives
Global Economic Outlook
The podcast discusses the prospects for the world economy, highlighting improvements seen in recent months such as green shoots in the data and signs of world trade picking up. Central banks' future rate decisions are data-dependent, with Janet Henry mentioning the challenges of data volatility and conflicting indicators like differing wage indicators in the Eurozone. Despite complexities, global composite PMIs are showing improvements, especially in regions like mainland China and Europe, indicating a stabilization in the overall data.
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