Global Growth Continues, But The Rate Of Growth Slackened In July


 
World economic activity continues to grow when seen through the lens of the Sales Managers Indexes, in the world's three largest economies (China, the USA and India).

For most of the recent past these countries have collectively contributed close to 60% of global growth, so if their survey numbers are looking good, prospects for the world as a whole are unlikely to be too far behind.


The Sales Managers growth related Indexes are all consistent with expectations of expanded economic activity for the remainder of 2024. Of particular note, the growth-related components of the Global Sales Managers Indexes are all now positive, and data since mid-2022 shows gradual but steady recovery from the Covid period. However there has been a distinct slowdown in the rate of growth, now more obvious with the publication of the Sales Managers July Sales Indexes.

These data provide a good indication that the world is likely to avoid, at least in the immediate future, the much-predicted global recession brought on by rising interest rates, and continue to enjoy economic growth this year. Sales data for the next few months will be key in interpreting the impact of the higher interest rates seen in recent months.

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