Eurozone: the feared winter recession may well turn out to be a winter slowdown instead. USA: the rising savings rate is putting additional pressure on consumer spending. China: traffic data is already showing a clear recovery following the peak of the infection wave.
Chart of the month
The expected upturn in China should support the global economy this year via tourism and trade. At the same time, however, this will also keep energy prices at a high level. According to a Bloomberg survey, China’s oil consumption will rise by 800 000 barrels per day in 2023, reaching a record level. Demand for liquefied petroleum gas (LNG) is also expected to increase. Unlike oil, however, this will not reach record heights, as China will increase its gas supply from cheaper sources, such as domestic production and increased imports from Russia.