Global Scans · Trade · Weekly Summary

• [New] Even with significant reductions in CO2 emissions starting today, the global economy is poised to experience a 19% decrease in income by 2050 due to the impacts of climate change. SciTechDaily
• [New] We expect pipeline imports from Canada to remain a key supply source, particularly for the U.S. Midwest region during winter months. EIA - Energy Information Administration
• [New] Global warming of 3 °C increases the risk of extreme rainfall worldwide, which reduces global GDP, on average, by 0.2% - which, at the current size of the global economy, would equal US$ 200 billion. ScienceDaily
• [New] Climate change caused by CO 2 emissions already in the atmosphere will shrink global GDP in 2050 by $38 trillion, or almost a fifth, no matter how aggressively humanity cuts carbon pollution. phys.org
• [New] Jordan aspires to develop technology to exploit renewable energy sources and the opportunities available in the energy transition in order to become a regional hub for the production and export of green energy. Fana News
• [New] Global heating will inflict economic losses on the global economy of $38 trillion a year by 2049 as extreme weather ravages agricultural yields, harms labour productivity, and destroys infrastructure. CleanTechnica
• [New] India's climate-outages are going to be hard for trading partners and global markets to ignore as its economy grows. CNN
• [New] Despite stronger growth in some trading partners (the United States, in particular), the contribution from net exports will generally decrease in 2024 as the pickup in domestic demand leads to a gradual increase in imports. IMF eLibrary
• [New] Despite geopolitical risks to global shipping routes and energy markets, supply-chain pressures and energy prices are around prepandemic levels. IMF eLibrary
• [New] The global negative implications become more visible in 2025, as tighter financial conditions increasingly affect activity in advanced economies (outside of the United States) and emerging markets. IMF eLibrary
• [New] The healing scenario generates a gradual and permanent increase in activity over the WEO horizon, with global GDP increasing cumulatively by 1.3% by 2027 relative to current projections. IMF eLibrary
• [New] As the global economy approaches a soft landing, the near-term priority for central banks is to ensure that inflation comes down smoothly; they should neither ease policies prematurely nor delay too long and risk causing target undershoots. IMF eLibrary
• [New] In the near term, new expansionary measures such as tax cuts, increased fiscal transfers, and infrastructure investment could boost economic activity, especially in economies in which sovereign risk is perceived as low, and raise global growth above current projections. IMF eLibrary
• [New] The projection for global growth in 2024 and 2025 is below the historical (2000-19) annual average of 3.8%, reflecting restrictive monetary policies and withdrawal of fiscal support, as well as low underlying productivity growth. IMF eLibrary
• [New] The price of energy fell faster than expected from its peak, in part as a result of increased non-OPEC (Organization of the Petroleum Exporting Countries) oil production and increased natural gas output, most notably in the United States. IMF eLibrary
• [New] In light of the increasing global geopolitical risks, the G7 ECA Heads have reaffirmed their role in protecting and promoting international trade and investment, and have recognised the importance of risk management for ECAs. GOV.UK
• [New] The disruption of global supply chains resulted in a decrease in the demand for products related to electronic-grade polysilicon. Virtue Market Research
• [New] With quantum technologies poised to disrupt industries, transform economies, and address global challenges, the EU stands ready to lead the way in harnessing its transformative potential. Quantum Flagship
• [New] Global silver demand is projected to grow to 1.2 billion ounces in 2024, driven by increased industrial consumption, with the sector expected to reach a new annual high. investing.com
• [New] The focus on infrastructure and technology is expected to propel India to stay on the curve of technological innovation, consolidate and solidify its position in the global supply chain. Economic Times
• With global economies showing signs of normalising and optimism over Fed interest rate cuts in 2024, analysts expect companies across key markets to spend more on technology that will drive higher growth forecasts by Indian software services firms. The Straits Times
• The global tech industry is projected to reach a staggering value of $15.8 trillion by 2026, with a compound annual growth rate of 4.9% during the forecast period. Smartphone Magazine
• GBA Plus will help ensure that Canada's FTAs are more gender responsive and inclusive so all members of Canadian society can reap the benefits of free trade and continued economic growth. GAC

Last updated: 22 April 2024