The global economy is indeed weakening signified by the falling stock prices, high inflation, and high interest rates all around the globe. Central banks are struggling to cope with this crisis.
Japan as far as i know has had a huge influence in this... their economy is growing much lower which I believe has resulted from a drop in inventories of oil and other raw materials and a downward revision to private consumption. The oil prices rising was the biggest factor here leading to a drop in demand which combined with regular maintenance of tanks and refineries to cut the volume of oil stored in Japan.
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