Data discoveries of the week. This week we look at charts on India & China headlining global growth in 2023-24, India’s GST collections data, global growth forecast for 2023, per capita energy consumption around the world and more.
1. Tax collections in India continue to be buoyant in 2023, and GST collections cross ₹1.50 lakh crore mark for the third time this FY.
The latest GST collection data shows that revenues in January 2023 are 24% higher than the GST revenues during the same period last year.👏🏼
This is for the 3rd time in the current financial year that GST collection has crossed ₹1.50 lakh crore mark. pic.twitter.com/k5K11h5vuw
— Kuvera (@Kuvera_In) February 2, 2023
2. In fact, this chart suggests that this year we could see the tax to GDP ratio touch its FY08 highs of 18%. for the tax reforms.
Tax buoyancy has been strong in the last two years & data till Nov suggests that FY23 could see tax to GDP ratio rise to the FY08 peak. Looks like the substantive tax reforms of the last few years are finally bearing fruit #taxes #Budget pic.twitter.com/A7l1h7UdaV
— IndiaDataHub (@IndiaDataHub) January 27, 2023
3. Here’s the growth forecast across the world for 2023.
As countries face persistent inflation pressures, global growth in 2023 is projected to reach 2.9% down from 3.2% in 2022 📉
— Visual Capitalist (@VisualCap) February 2, 2023
4. Signs of weak global growth
Global growth remains weak, but it may be at a turning point. We have slightly increased our 2022 and 2023 growth forecasts. Global growth will slow from 3.4% in 2022 to 2.9% in 2023 then rebound to 3.1% in 2024. https://t.co/TxZ9Co4S0j pic.twitter.com/elHTkvgUAA
— Gita Gopinath (@GitaGopinath) January 31, 2023
5. Some good news from the US? S&P Global US PMI indicates a revival of both services and manufacturing.
The S&P Global US PMI readings show an uptick in both services and manufacturing (which was an upside surprise relative to unch. expectations). pic.twitter.com/bKJh36qzXv
— Nick Reece (@nicholastreece) February 1, 2023
6. Also this. The Nasdaq Composite shows the best January performance since 2001!
The Nasdaq Composite closed up 11% for the month–best January performance since *2001* pic.twitter.com/0wACY0HF2Y
— Gunjan Banerji (@GunjanJS) January 31, 2023
7. India and China will continue to headline global growth in 2023-2024 as per IMF
China and India will have the largest contributions to global output growth in 2023 and 2024, far larger than the euro area and the US – according to the IMF's latest forecast. pic.twitter.com/I9EPXL9137
— Philipp Heimberger (@heimbergecon) February 1, 2023
8. 2022 was a landmark year for energy. Investments in transition to cleaner energy match those in fossil fuels for the first time ever.
Clean energy broke records in 2022. Energy transition investments matched fossil fuels for the first time. Wind & solar generated a record fifth of the EU’s energy & passed natural gas. More in this week’s Data Dive with @BloombergNEF & @EmberClimate: https://t.co/dFwNRB6pfk pic.twitter.com/7osiVyJhwH
— Cipher (@CipherClimate) February 2, 2023
9. Staying on energy, this graphic maps the per capita energy consumption around the world.
— Elements (@VCElements) February 2, 2023
10. Chart showing the trends from the latest market expectations on the Fed funds rate.
Current market expectations for path of the Fed Funds Rate…
-Mar 22, 2023: 25 bps hike to 4.75%-5.00%.
-Rate cuts start in Nov 2023 and continue throughout 2024 with the Fed Funds Rate moving back below 3%. pic.twitter.com/bGHTIC8A33
— Charlie Bilello (@charliebilello) February 3, 2023
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