GENERAL NEWS
Global economic growth slows as inflation bites
The global economy , still reeling from the pandemic and Russia ’ s invasion of Ukraine , is facing an increasingly gloomy and uncertain outlook writes Pierre-Olivier Gourinchas ( IMF ). Higher-than-expected inflation , especially in the United States and major European economies , is triggering a tightening of global financial conditions . China ’ s slowdown has been worse than anticipated amid COVID-19 outbreaks and lockdowns , and there have been further negative spillovers from the war in Ukraine . As a result , global output contracted in the second quarter of this year .
Under the International Monetary Fund ’ s ( IMF ’ s ) baseline forecast , growth is slowing from last year ’ s 6.1 per cent to 3.2 per cent this year and 2.9 per cent next year ( downgrades of 0.4 and 0.7 percentage points from April ). This reflects stalling growth in the world ’ s three largest economies — the United States , China and the euro area — with important consequences for the global outlook .
In the United States , reduced household purchasing power and tighter monetary
policy will drive growth down to 2.3 per cent this year and one per cent next year . In China , further lockdowns and the deepening real estate crisis pushed growth down to 3.3 per cent this year — the slowest in more than four decades , excluding the pandemic . And in the euro area , growth is revised down to 2.6 per cent this year and 1.2 per cent in 2023 , reflecting spillovers from the war in Ukraine and tighter monetary policy .
Despite slowing activity , global inflation has been revised up ( in part due to rising food and energy prices ). Inflation this year is anticipated to reach 6.6 per cent in advanced economies and 9.5 per cent in emerging market and developing economies — upward revisions of 0.9 and 0.8 percentage points , respectively — and is projected to remain elevated longer . Inflation has also broadened in many economies , reflecting the impact of cost pressures from disrupted supply chains and historically tight labour markets .
The energy crisis also illustrates how a policy of clean , green energy independence can be compatible with national security objectives .
“ The outlook has darkened significantly since April . The world may soon be teetering on the edge of a global recession , only two years after the last one . Multilateral cooperation will be key in many areas , from climate transition and pandemic preparedness to food security and debt distress . Amid great challenge and strife , strengthening cooperation remains the best way to improve economic prospects and mitigate the risk of geoeconomic fragmentation ,” concluded the IMF . n
Collaborative robots continue to gain ground
The global collaborative robot market size is anticipated to reach US $ 11.04 billion by 2030 , exhibiting a CAGR of 31.5 % over the forecast period , according to a new report published by Grand View Research , Inc . Growth can be attributed to the growing inclination of industries toward collaborative robots ( or cobots ) to automate manufacturing processes .
“ Over the past few years , the growing interest in robot technology across various industries has positively impacted the market . Unlike conventional industrial robots , cobots are developed to operate at par with their human counterparts . They are mobile and can be easily moved from one area of a manufacturing facility to another . Moreover , they can be programmed with ease , are more cost-effective than their fixed counterparts and can be used in a wide range of low-speed , repetitive applications ,” said the analyst .
The increasing need for highly efficient and user-friendly robots that do not require highly skilled experts for deployment and functioning has created a significant demand for software platforms . These platforms allow the integration of robots , motion control and the generation of an interface that enables the programming of these robots .
Fronius cobot system with Fanuc robot .
“ Increasing demand from industrial customers , researchers and engineers is further strengthening the outlook of the collaborative robotics industry . These robots are being deployed across various industries and have been highly influential in addressing the challenges faced by the logistics sector , such as complex work processes , and managing several tasks in different combinations and in compact spaces ,” said the report .
The market is expected to witness strong growth in coming years with the increasing adoption of cobots across small and medium enterprises as they provide a higher return on investment . According to the report ,
Europe captured a sizeable revenue share of more than 30 % in 2021 across the industry , owing to the increased product application in electronics , logistics and inspection verticals .
“ The growth can be ascribed to the increasing adoption of collaborative robots ( or cobots ) in Small and Medium Enterprises ( SMEs ). These companies are increasingly investing in cobots to interact with humans in a shared workspace and automate manufacturing processes . The growth further proliferated via technological advancements and the integration of Artificial Intelligence ( AI ) and Machine Learning ( ML ) technologies in industrial robots ,” added the report .
The advent of 5G technology is also expected to stimulate the adoption of cobots in the manufacturing sector .