This month the International Monetary Fund (IMF) forecasts stable but underwhelming global growth. US upgrades offset downgrades for European economies and emerging markets impacted by conflicts, weather events, and commodity disruptions. The UK’s Invest 2035 plan is under consultation. It focuses on tackling growth barriers and creating high-quality jobs in high-growth sectors, with a modern … Continue reading “West Midlands Economic Impact Monitor – 28 November 2024”
Category: West Midlands Economic Impact Monitor
West Midlands Economic Impact Monitor – 26 September 2024
This week has seen the first Labour Party Conference since the General Election in July 2024. Looking ahead to the Chancellor’s first budget in October, Rachel Reeves announced there would be no increase in income tax, national insurance or VAT, refusing to return to austerity. There was an announcement of the return of industrial strategy. … Continue reading “West Midlands Economic Impact Monitor – 26 September 2024”
West Midlands Economic Impact Monitor – 27 June 2024
This month, the World Bank has recommended global cooperation to safeguard trade, support green and digital transitions, deliver debt relief, and improve food security. Economy and Business Despite an improvement in near-term prospects, the global outlook remains subdued by historical standards. In 2024-25, growth is set to underperform its 2010s average in nearly 60 percent … Continue reading “West Midlands Economic Impact Monitor – 27 June 2024”
West Midlands Economic Impact Monitor – 30 May 2024
This month brings news of a General Election on 4 July, following on from the May local elections where Labour won 9 out of 10 mayoral elections, including in the West Midlands. This is happening against the backdrop of global growth rates above 3% and inflation falling rapidly globally. In the UK, the Consumer Prices … Continue reading “West Midlands Economic Impact Monitor – 30 May 2024”
West Midlands Economic Impact Monitor – 26 April 2024
The forecast for global growth five years from now—at 3.1%—is at its lowest in decades. Global inflation is forecast to decline steadily, from 6.8% in 2023 to 5.9% in 2024 and 4.5% in 2025, with advanced economies returning to their inflation targets sooner than emerging markets and developing economies. Economic momentum is set to return … Continue reading “West Midlands Economic Impact Monitor – 26 April 2024”
West Midlands Economic Impact Monitor – 28 March 2024
The final monitor before the Easter break brings us the news that input prices continue to slowly fall, which should contribute to decelerating inflation, yet the global economy is still showing slow growth. Most indicators show a moderate improvement, but all indications are that recovery will continue to be very slow. The Office for Budget … Continue reading “West Midlands Economic Impact Monitor – 28 March 2024”
West Midlands Economic Impact Monitor – 23 February 2024
The UK economy entered a recession at the end of last year. Meanwhile at the global scale growth has been revised upwards to just over 3% in 2024 and 2025, but below the historical norm that is closer to 4%. Regionally, business confidence is increasing. Global trends The IMF has released its World Economic Outlook … Continue reading “West Midlands Economic Impact Monitor – 23 February 2024”
West Midlands Economic Impact Monitor – 26 January 2024
A slow Christmas for retailers hints at the continuing issues with sluggish growth seen globally, with forecasts struggling to revise upwards. A continuing bumpy ride for China is having global ramifications. Food prices are rising, as are those goods most affected by Brexit. Future prospects for the West Midlands seem mixed. Growth outlook The World … Continue reading “West Midlands Economic Impact Monitor – 26 January 2024”
West Midlands Economic Impact Monitor – 15 December 2023
As 2023 draws to a close, the challenges of inflation (although falling) and low growth remain. The cost of living, the NHS and the economy are key concerns for the general public. However, businesses in the West Midlands are still optimistic as indicated by the Future Business Activity Index. Global, national and regional outlook The … Continue reading “West Midlands Economic Impact Monitor – 15 December 2023”
West Midlands Economic Impact Monitor- 17 November 2023
This month continues to be turbulent. Conflict in the Middle East, unstable UK politics and continued stagnation of the economy. Whilst the economy is showing some resilience, prospects for growth remain low and rising global tensions are increasing worries of global shocks to already sensitive energy markets. The baseline forecast is for global growth to … Continue reading “West Midlands Economic Impact Monitor- 17 November 2023”