INDUSTRY NEWS
Global inflation set to fall amid subpar growth
According to the IMF ( international Monetary Fund ) World Economic Update in January , global growth is projected to fall from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023 , then rise to 3.1 percent in 2024 . The forecast for 2023 is 0.2 percentage point higher than predicted in the October 2022 World Economic Outlook ( WEO ) but below the historical ( 2000 – 19 ) average of 3.8 per cent .
“ The rise in central bank rates to fight inflation and Russia ’ s war in Ukraine continue to weigh on economic activity . The rapid spread of COVID-19 in China dampened growth in 2022 , but the recent reopening has paved the way for a faster-than-expected recovery . Global inflation is expected to fall from 8.8 per cent in 2022 to 6.6 per cent in 2023 and 4.3 per cent in 2024 , still above pre-pandemic ( 2017 – 19 ) levels of about 3.5- per cent ,” it said .
“ The balance of risks remains tilted to the downside , but adverse risks have moderated since the October 2022 WEO . On the upside , a stronger boost from pentup demand in numerous economies or a faster fall in inflation are plausible . On the downside , severe health outcomes in China could hold back the recovery , Russia ’ s war in Ukraine could escalate and tighter global financing costs could worsen debt distress .
Financial markets could also suddenly reprice in response to adverse inflation news , while further geopolitical fragmentation could hamper economic progress ,” it cautioned .
In most economies , amid the cost-of-living crisis , it emphasised that the priority remains achieving sustained disinflation . With tighter monetary conditions and lower growth potentially affecting financial and debt stability , it is necessary to deploy macroprudential tools and strengthen debt restructuring frameworks .
“ Accelerating COVID-19 vaccinations in China would safeguard the recovery , with positive cross-border spillovers . Fiscal support should be better targeted at those most affected by elevated food and energy prices , and broad-based fiscal relief measures should be withdrawn . Stronger multilateral cooperation
is essential to preserve the gains from the rules-based multilateral system and to mitigate climate change by limiting emissions and raising green investment ,” it added . n
TIMTOS highlights journey to Net Zero
The Taipei International Machine Tool Show , widely known as TIMTOS , will be held from 6-11 March 2023 at Taipei Nangang Exhibition Centre ( Halls 1 / 2 and TWTC Hall 1 ). With 1,000 + exhibitors in nearly 6,200 booths , on an even larger scale than last year , TIMTOS 2023 is one of the leading machine-tool trade shows in the world . Key themes at TIMTOS 2023 will be green machine tools ; smart machinery ; flexible manufacturing and digital simulation .
“ As the EU and many countries are set to implement or introduce carbon taxation policies , this year ’ s TIMTOS is going to shed lights on the net-zero transition which is a common and urgent concern of the global manufacturing industry . Two major event series , ‘ ESG action !’ and ‘ ESG in TIMTOS ’ will be launched to team up with exhibitors and industry professionals to provide new insights and a consultation service that will help more machine-tool players to accelerate their transition towards carbon neutrality ,” said one of the show organisers , TAITRA .
The ‘ ESG action !’ series will take place in TWTC Hall 1 . The core events include ‘ Dr . Net Zero ’, which will bring together senior industry consultants from the Industrial Technology Research Institute ; Foundation of Taiwan Industry Service ; Taiwan Association of Green Energy Transition ; Ernst & Young Global and RCI Engineering to offer free carbon footprint consultations for TIMTOS attendees . The ‘ Insights Stage ’ at TWTC Hall 1 will also showcase events such as the ESG Seminar ,
Master Talk and ‘ Greening the Machine Tool Industry Insights ’ Talk .
“ At ‘ ESG in TIMTOS ’, attendees can explore how the integration of advanced technology in manufacturing can be more efficient , smarter and greener . The event will feature diverse activities such as a Metalworking Ecosystem Guided Tour ; Future Manufacturing Forum ; Maker Workshop ; Parts Cleaning Seminar ; Marine & Offshore Machinery Seminar and live recordings of the Manufacturers ’ WIN Podcast ,” added TAITRA .
Meanwhile , three new themed areas have been added to TWTC Hall 1 featuring ‘ Advanced Metalworking Technology ’, ‘ Additive Manufacturing ’ and ‘ Future Manufacturing ’. Free shuttle services between TWTC Hall 1 and Nangang Halls will be provided daily during the show . n