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Economies are losing momentum.

Most of the major industrialized economies are showing signs of slowing. Although wages are beginning to outpace inflation in many countries, real household purchasing power remains weaker across most income strata. Excess savings, accumulated during the pandemic, have largely evaporated, and consumers are increasingly tapping sources of credit to sustain spending. The legacy of this year’s sharp rise in borrowing costs is still hitting household and corporate balance sheets, and the flow of money through domestic financial systems is slowing almost everywhere.

Money supply measures, annual % change

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