Magazine article Business Credit

Worldwide Credit Conditions

Magazine article Business Credit

Worldwide Credit Conditions

Article excerpt

CREDIT BRIEFINGS

CANADIAN RATES. The Bank of Canada kept rates at 2.75% at its January meeting but warned that higher inflation may prompt it to raise rates before June, when most economists expected the bank would act Inflation hit 3.9% in December, well above the bank's 2% target rate.

UK GROWTH DROPS. UK GDP growth for 2002 fell to 1.7%,its lowest level in ten years, down from 2% in 2001 and well below earlier forecasts. Growth dropped sharply in the fourth quarter, with the preliminary estimate showing growth of only 0.49/6, down sharply from 0.9% growth posted for the third quarter of 2002.

BRAZILIAN RATES. With price pressures growing, the Brazilian Central Bank raised its reference interbank lending rate by 50 basis points to 25.5% in January.The Bank also raised its inflation target for 2003 to 8.5% from 4.0%, reflecting deep difficulties following last year's depreciation of the real.

WORLD GDR The International Monetary Fund forecasts world GDP growth of 3. …

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