| Summary: | Global economic activity registered resilient growth in early 2023 but is losing momentum. Advanced economies growth slowed less-than-anticipated inearly 2023 as tight labor markets drove wages up, preventing a sharp decline in consumption. However, global growth slowed slightly in Q2 2023, with services growth cooling gradually and manufacturing remaining soft. Global inflation has moderated in recent months, largely reflecting favorable base effects from commodity prices falling below their 2022 peaks, along with abating supply chain pressures. Global trade in services strengthened in 1H 2023 thanks to the easing of mobility restrictions but trade in goods slowed due to weakening global industrial production
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