World economy to grow at 6 per cent this year: IMF

The International Monetary Fund (IMF) has sharply upgraded its economic outlook this year for the world’s wealthy countries, especially the US, as Covid-19 vaccinations help sustain solid rebounds from the pandemic recession.

But the 190-country lending agency has downgraded its forecast for poorer countries, most of which are struggling to vaccinate, said an AP report.

Overall, the IMF said that it expects the global economy to expand 6 per cent this year -- a dramatic bounce-back from the 3.2 per cent contraction in the pandemic year of 2020.

The IMF’s forecast, unchanged from its previous estimate in April, would mark the fastest calendar-year global growth in records dating to 1980. Beneath the worldwide number, however, a gap between the vaccine haves and have-nots is widening.

The IMF expects advanced economies to grow 5.6 per cent this year, an upgrade from the 5.1 per cent it forecast in April, fuelled by the swift recovery of consumers and businesses. But it downgraded its 2021 forecast for emerging markets and developing countries to 6.3 per cent from its April forecast of 6.7 per cent.

Performance coating market to rise to $102bn

The global performance coating market is set to chart a growth trajectory, featuring a steady CAGR of 5.2 per cent, raising the market worth up to $102 billion by 2022.

As per a Transparency Market Research (TMR) report, owing to the presence of a large number of regional and international players operating in the global performance coating market, the competitive landscape is fragmented and as more and more players try to take a chunk out of the growth pie to be generated, the degree of fragmentation is set to increase further.

Leading players that have made their mark in the global performance coating market include AkzoNobel NV, Masco Corporation, Hempel, Jotun, The Valspar Corporation, Axalta Coating Systems., Nippon Paint Holding, BASF and PPG Industries, among others.  Meanwhile, demand for consumer electronics is growing and with that is set to increase the demand for performance coatings. The reason behind this is that consumer electronics call for a certain finish and appearance of the products.

Global AC market to hit $138bn over next 5 years

Global air conditioners market is poised for solid growth over the next five years with its value set to hit $138.03 billion by 2026 registering a CAGR of 4.42 per cent, according to TechSci Research report.

Increasing GDP per capita income, rapid urbanisation, technological advancements, is expected to drive the growth of the global air conditioners market, stated TechSci in its latest report 'Global Air Conditioners Market By Product Type 2026.

During the forecast period, sales of air conditioners are expected to increase due to a booming construction sector, rising disposable income, a growing real estate sector, and rising industrialisation around the world. Governments in various countries are introducing various construction projects with the goal of improving infrastructure, which is expected to have a positive impact on global air conditioners market over the next five years, stated the report. Temperatures are rising all over the world as a result of global warming, increasing demand for air conditioners. The primary driver of the global air conditioners market's growth is changing climatic conditions.

Epoxy resin market to hit $10.7bn in 5 years

The global epoxy resin market is set for solid growth over the next five years and is projected to hit $10.7 billion by the end of 2026, according to ResearchCMFE.

Epoxy resins are mainly used in the manufacture of adhesives, plastics, paints, coatings, primers and sealers, flooring and other products and materials that are used in building and construction applications. The market, which was worth $7.4 billion in 2019, has been growing at a CAGR of 5.4 per cent during the period 2016 to 2026 on account of new emerging applications, stated the research group. However, epoxy resin market is highly interlinked and dependant on critical raw materials like epichlorohydrin (ECH) and bisphenol-A. 

Global services trade slumps 9pc in Q1

Global services trade remained sluggish in the first quarter of 2021, falling 9 per cent year-on-year after posting a 21 per cent decline for the full year of 2020 driven by continued weakness in travel services, said the World Trade Organisation (WTO) in a new report.

New Covid-19 variants have further delayed the recovery of international travel; however, other services sectors, such as transport, are starting to bounce back, with variations across regions due to the uneven distribution of vaccines and differing rollback of pandemic restrictions.

The latest figures for services contrast with the recovery in global goods trade, which grew 12 per cent year-on-year in the first quarter of 2021 following a 9 per cent drop in 2020.

Travel remains the most affected services sector, down 62 per cent year-on-year both in 2020 and in the first quarter of 2021. Sharper declines were recorded in the first three months of 2021 in Asia (-67 per cent). International travellers' expenditure was down 71 per cent in Latin America and the Caribbean where, prior to the pandemic, travel receipts made up 43 per cent of total services exports.

MEA air cargo volumes edge down

While air cargo volumes from all origins contracted on a regional level over the last five weeks up till July 11, the origins Africa and Middle East & South Asia did best with a volume decrease of 1 per cent week-over-week, a report said.

North America experienced the largest decrease in volume of 14 per cent, said the update released by WorldACD.

In the week July 5-July 11 (week 27), worldwide volume decreased by 5 per cent compared with the previous week. Worldwide capacity increased by 2 per cent. The average worldwide yield/rate in week 27 increased compared with week 26.

Startup funding spikes 157 per cent in Q2

The global startup funding has skyrocketed in recent quarters hitting new historical levels despite the economic effects of the coronavirus pandemic. The recent funding shows that the sector has recovered from the health crisis.

According to data acquired by Finbold, the global startup funding spiked 157 per cent between 2020 Q2 and 2021 Q2 from $60.7 billion to a record $156.2 billion. During the first half of 2021, the funding stood at $292.4 billion.

In the first three months of the year, the funding was at $136.2 billion, a growth of 35.6 per cent from the 2020 Q4 figure of $100.4 billion. Notably, the funding surpassed the $100 billion mark for the first time in Q4 2020.