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World industrial production increased 1% month-on-month in June

Global industrial production rose 1.0% month-on-month in June, reported the Netherlands Bureau for Economic Policy Analysis (CPB).

After having an initial estimate of -1.1%, this indicator decreased 1.2% in May.

Overall, the world economy gained momentum in the second quarter of 2021.

As the epidemic situation improved, social distancing restrictions were relaxed in many of the major advanced economies despite the threat of more infectious virus variants, according to the Hong Kong government.

Comparing the second quarter of 2021 with the immediately preceding quarter, world industrial production registered a fall of 0.2 percent.

Also strong fiscal and monetary support provided a boost to global economic performance.

In July, the International Monetary Fund (IMF) forecast that the world economy would recover by 6.0% in 2021, but noted that the economic outlook has diverged further between economies due to differences in the pace of vaccine launch and support. to policies.

World industrial production

In the second quarter, the Asian economy consolidated its recovery, with a growth of 7.9% compared to the previous year.

For its part, the US economy grew slightly faster on a quarterly basis and expanded sharply from an exceptionally low base a year earlier, while the euro area economy resumed quarter on quarter growth.

At the same time, Japan and other Asian economies continued to recover, but some of them saw a worsening of the epidemic situation.

According to the World Trade Organization (WTO), trade growth in the second half of 2020 was not yet strong enough to return trade to its pre-pandemic trends; But this recovery, the WTO projects, could occur in the first quarter of 2022 if the production and dissemination of vaccines accelerate, which will allow the earlier relaxation of containment measures.

 

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