Industry - Monthly Industry Briefings - Basic Metals
The outlook for global industrial output remains fairly subdued this year, with preliminary forecasts reporting growth of 3.5%, slightly down on April’s interim update. Soaring commodity prices alongside contractionary monetary policy are set to be key headwinds this year. Higher commodity prices are stimulating cost-push inflationary pressures, reducing consumers’ impetus to spend, even in advanced economies where consumers built up savings over the pandemic. This will add to the strains already felt by the manufacturing sector, in particular supply chain disruptions arising from the pandemic and the war in Ukraine.
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