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IHS Markit Sees Global Slowdown Through 2023 & Decline in U.S. Growth to Under 2%

While U.S. protectionist policies have worsened the outlook in many parts of the world, the industrial recession in China is, arguably, a bigger drag.

Two interrelated and troubling developments are coloring the global economic picture. First, trade growth is slowing sharply. The IHS Markit Purchasing Managers’ Index (PMI) for new exports has been falling for six months in a row — the largest drop since 2016. Second, the global manufacturing PMI highlights the stagnation in the industrial sectors.

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