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THE world economy’s challenges are formidable enough that even the so-so can be cheered.
Developments that not so long ago would be seen as the bare minimum required to put a floor under dwindling growth are now regarded as encouraging.
Grasping at straws? Thankfully, there may be more to it.
In recent days, Beijing has recalibrated the zero-covid strategy that has been a major brake on commerce, and developed plans to rescue the collapsing property sector.
Leaders of the United States and China set a more positive tone for relations after meeting in person on Monday.
Federal Reserve (Fed) officials supported expectations that the most powerful central bank will shift to less gargantuan interest-rate hikes, while the dollar has lately retreated from the stratospheric levels that led to strains in global finance.
None of these amounts to a great leap forward for the global economy. They do address – even if temporarily – some of the big negatives.
Zero-covid, which has seen large urban areas locked down and onerous curbs on travel, had become a proxy for whether China has the will to lift itself from the doldrums.
“Chinese President Xi Jinping’s team is committed to, once again, re-accelerating Chinese economic growth,” Ken Griffin, founder of the Citadel hedge fund, said on the sidelines of the Bloomberg New Economy Forum (NEF) in Singapore this week.,
The damage done may last for years, but there is at least a tacit acknowledgement that the prior path was unsustainable.
Still, there are substantial negatives. China’s economy, which has been a boon to the world for decades, continues to struggle: data released Tuesday showed retail sales sagged and industrial output slackened.
The International Monetary Fund became gloomier about the state of the world, saying difficulties are “immense.”
Policymakers are trying to navigate an unhappy combination of high inflation and sluggish growth.
Food prices have been a flashpoint this year, with countries enacting a number of protectionist measures to curb shortages.
“All it takes is one really bad crop, let’s say in North America or South America, to really send prices higher,” David MacLennan, chief executive officer of Cargill Inc, said at the Bloomberg NEF.
That makes what is going right, or at least not terribly, all the more worthy of attention.
For those who spent the past few months sweating the dollar’s rampage and the risk it posed, especially to emerging markets, take note of Lael Brainard’s comments on Monday.
The Fed vice-chairman, someone with an especially keen feel for the global economy, signalled she favours stepping back from 75 basis point hikes as soon as next month.,
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