In the latest economic roundup:

1. IMF Boosts China’s Growth Outlook

The International Monetary Fund (IMF) has revised upwards its GDP growth projections for China in 2023 and 2024. Anticipating a 5.4% expansion in 2023, up from the previous 5% estimate, the IMF warns of a slowdown in 2024 (4.6%) due to property sector weaknesses and subdued export demand. The upward revision is attributed to a 1 trillion yuan ($137 billion) sovereign bond issue and supportive economic measures.

2. Eurozone Faces Intensifying Recession Fears

Eurozone recession concerns heighten as business activity downturn accelerates. Weakening demand in the services sector and a composite purchasing managers’ index falling to 46.5 in October, below the growth/contraction threshold of 50, raise alarms. Manufacturing activity contraction, shrinking services sectors in key economies like Germany, France, and Italy, along with declining retail sales, contribute to the heightened recession risks.

3. Global Economic Snapshots

UK Economy Stagnates: The UK economy records zero growth in Q3, narrowly avoiding a predicted contraction of 0.1%. House prices, however, saw a positive trend in October. Japan’s Real Wages Decline: Real wages in Japan, adjusted for inflation, experience an 18th consecutive month of decline, falling by 2.4% YoY in September. Mexico’s Inflation Eases: Mexico’s inflation continues a nine-month easing trend but remains above the central bank’s target at 4.26%. As economic landscapes evolve, these updates provide insights into global trends, challenges, and potential opportunities.

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