Global commerce declined in September, according to surveys by the German Institute of Kiel. The institute identified supply chain issues as well as reduced demand in the United States and Europe as the underlying cause. Falling exports from the European Union and declining imports to the United States were off-set by growing Chinese imports and Russian exports.
The International Monetary Fund (IMF) projects a difficult year ahead for the world economy, with a third of the planet in recession. According to Kristalina Georgieva, Director-General of the organization, multiple shocks, from the Russian invasion into Ukraine, to high energy and food prices and persistently high inflation are to blame for the bad outlook.