• There has been a major scaling back of growth forecasts for the main economies in 2022-2023...
• Having grown strongly in 2021, GDP rose by 11% year-on-year in the opening half of 2022 ...
• Turning to next year, the combination of emerging capacity constraints, a very weak global economic backdrop with Europe likely to be in recession ...
• Nonetheless, the economy is still expected to perform relatively well next year, on continued inflows of FDI and thus further strong export growth, as well as an expansionary fiscal policy and support from high levels of private sector savings...
• This week, the main release of note will be the September US CPI inflation report...
• With inflation still remaining elevated, a change in direction from the Fed, as had been hoped for on markets at the beginning of October...

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