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WORLD: Widespread economic recovery and moderate inflation

According to the International Monetary Fund (FMI), the global product should increase by 3,5% this year (’16: 3.2%). The growth rate of 5.9% expected for the world trade corresponds with the maximum since 2011 and it is close to the yearly average of 6.3% reached between 1990 and 2007. In the traditional industrial countries, the households’ consumption and the upturn in investments sustain the economic growth that translates into increase in employment rate. Overcapacities and structural changes in the labour market slow down the development of
salaries and prices. If gradually introduced, the next probable monetary tightening of the western central banks should not create financial tensions and macroeconomic problems for the emerging countries. Higher energy prices cause a recovery of the inflation even if the core inflation rate development is moderate. The increase of the crude oil price (July ’17: 52 $/barrel Brent) since last year triggers an economic boosting in the oil export countries. The cut of the daily extraction of 1,8 million barrels fixed by the OPEC in January missed, so far, the objectives of a strong decrease of the oil reserves in the OECD member countries and of its price support. The level of reserves in these countries, still high, should keep the oil price at about 50 $/barrel Brent in the 2nd semester.

September 2017

ECSA Chemicals AG
Burgauerstrasse 17
CH-9230 Flawil (Switzerland)
T: +41 71 394 02 30
F: +41 71 394 02 31

Via Luigi Favre 16
CH-6828 Balerna (Switzerland) 
T: +41 91 695 88 00
F: +41 91 695 88 01

ECSA Maintenance AG
Burgauerstrasse 17 
CH-9230 Flawil (Switzerland)
T: +41 71 394 02 30 
F: +41 71 394 02 31

Via Luigi Favre 16 
CH-6828 Balerna (Switzerland) 
T: +41 91 695 88 00
F: +41 91 695 88 02

ECSA Energy SA
Via Luigi Favre 16 
CH-6828 Balerna (Switzerland)
T: +41 91 695 88 00
F: +41 91 695 88 05

ECSA ITALIA Srl Società
con Unico Socio
Via Lavoratori Autobianchi 1 
I-20832 Desio (MB)
T: +39 0362 625 421
F: +39 0362 304 361
P.IVA IT00222470130

Porta Ticino Easy Stop SA
Via San Giorgio 37
CH-6877 Coldrerio
T: +41 91 640 35 50 
F: +41 91 640 35 51

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