Brazil's economy is expected to return to growth next year and with a decrease in the value of the dollar vis-a-vis the Real in recent months, the country is back on track to becoming the world's eighth largest GDP in 2017 according to the IMF. Since last year, Brazil has been ranked ninth (2 positions below its ranking in 2014) due to the recession that started at the end of 2014.
The world is swimming in a record US$152 trillion in debt, the IMF said on Wednesday, even as the institution encourages some countries to spend more to boost flagging growth if they can afford it. Global debt, both public and private, reached 225% of global economic output last year, up from about 200% in 2002, the IMF said in its new Fiscal Monitor report.
The FAO Food Price Index averaged 170.9 points in September, up 2.9% from August and 10% from a year earlier. The increase was driven by a 13.8% monthly jump in the FAO Dairy Price Index, partly as a result of a sharp jump in butter prices benefiting exporters in the EU, where dairy output is declining.
The airline industry agreed on a framework for reducing its carbon footprint at a UN meeting in Montreal, the first commercial sector on its own to tackle climate change. Six years of negotiations culminated in what International Civil Aviation Organization president Azharuddin Abdul Rahman called a historic deal at the ICAO's plenary session to cap carbon-dioxide emissions by 2035 at 2020 levels.
Brazilian central bank chief Ilan Goldfajn said policymakers have no set time frame to cut interest rates, even as industrial data suggested that Latin America's biggest economy may take longer than expected to emerge from recession.
Global food markets will likely remain generally well balanced in the year ahead, as prices for most internationally-traded agricultural commodities are relatively low and stable, FAO said. The benign outlook, especially for staple grains, is poised to lower the world food import bill to a six-year low, according to the Food Outlook.
Federal Reserve Vice Chairman Stanley Fischer said a rising tide of opposition to international trade and integration threatens global growth. Global trade this year will grow at the slowest pace since 2007, according to the World Trade Organization.
The US economy created 156,000 jobs in September, official figures show, slightly fewer than expected. However, August figure was revised higher to 167,000 from 151,000. Both figures are lower than 180,000 average for this year. The unemployment rate edged up to 5% from 4.9%, although that was due to more people looking for work.
A group of major business lobby groups has written an open letter urging the United Kingdom government to preserve barrier free trade with Europe. The letter is signed by leaders of the Confederation of British Industry, CBI, and manufacturers' body the EEF.
Matthew, meanwhile, lost its hurricane status, subsiding to a “post-tropical cyclone” after cutting a swath from Florida to South Carolina in United States. Matthew crashed ashore on Haiti’s southern coast on Tuesday as a monster Category 4 storm, packing 230 km winds.