Global growth proved resilient in the first half of 2023
Housing market activity is slowing
Labour market pressures have begun to ease
Inflation is easing, but prices are still rising rapidly for many items
Unit labour costs are now contributing more to inflation
Trade growth is weak and near-term indicators are subdued
Global trade intensity has recently declined
Cyclical shifts in demand and credit are now weakening trade intensity
Forward-looking real interest rates continue to rise or remain high
Bank loan rates have risen sharply and credit standards have tightened