Search
Close this search box.

Explore the world.

Assess underlying fundamentals and market conditions in the world's major economies.

Americas

Stay ahead.

Follow the biggest stories in markets and economics in real time.

Connect with us.

Learn more about Corpay Cross-Border and the currency research team.

Subscribe

Get insight into the latest trends and developments in global currency markets with breaking news updates and research reports delivered right to your inbox.

After signing up, you will receive regular newsletters from Corpay, and may unsubscribe at any time. View Corpay’s Privacy Policy

Economies are proving remarkably resilient.

The last year and a half should have been disastrous for the global economy. Russia’s invasion of Ukraine upended supply chains and sent energy prices soaring. Chinese authorities forced hundreds of millions into lockdown. High and persistent inflation forced central banks to raise interest rates at a pace unequalled since the 1980s. Housing markets tumbled. Bank failures triggered unease at the very core of the financial system. Political brinkmanship brought the US to the edge of default.

Yet, over and over, worst-case fears in markets and boardrooms have gone unrealized. European economies retooled at lightning speed and a warm winter helped bring energy prices back to earth. China lifted pandemic restrictions without suffering mass casualties. Solid balance sheets, a wave of post-pandemic refinancing activity, and immigration flows helped insulate homeowners against brutal rate increases. Swift regulatory intervention prevented a systemic meltdown in the banking system. And lawmakers managed to strike a last-minute debt ceiling deal without forcing the government to delay its payments.

Unemployment is near historic lows in most developed economies, consumers are still spending, businesses are investing, and asset prices are nearing post-pandemic highs. Forecasters have steadily revised 2023 growth estimates up since the beginning of the year.

Bloomberg consensus growth forecasts for 2023, %, median

Nvidia Earnings Top Estimates, Markets Surge
Fed Worried About Cutting Too Soon
Markets Mark Time Into Fed Minutes, Nvidia Earnings
AUD recovery continues
Canadian Inflation Decelerates Sharply in January
Dollar Steadies As Rate Cut Consensus Falters