Small businesses, teachers, and analysts have been urging the government to adopt the U.S. In early April, the central bank raised rates by 20 percentage points to combat a 73% inflation rate. Which countries have the highest interest rates in 2022?Īt an eye-watering 80%, Zimbabwe has the highest interest rate of any country. China is responsible for roughly one-third of global manufacturing. Disruptions have cascaded across supply chains-from electric vehicles to iPhones- leaving goods in shorter supply. and most countries located in Europe and Latin America, China is anticipated to potentially lower its interest rates.Ī renewed COVID-19 wave has slowed growth, with the government requiring countless factories to close in order to combat the spread of the Omicron variant. Even before the war in Ukraine, global factors such as rising oil and import prices were already having a greater impact on Latin American countries than advanced economies. Mexico raised its benchmark interest rate to 6.5% in March in response to inflation hitting 20-year highs. In Latin America, several central banks are taking a hawkish stance as oil price shocks are causing inflation to accelerate. Reflects data for March or February 2022 depending on latest available data. *Australia, China, India, Pakistan, Peru, Poland, Serbia, Romania data as of April 2022. Interest rates now sit at 0.0% across the European Union. Experts project up to seven interest rate hikes this year, with interest rates rising as high as 1.9% by year-end.įor many countries in Europe, interest rates climbed out of negative territory for the first time since 2014. increased its short-term interest rate to 0.5%. While the vast majority of countries saw a decline in interest rates over recent years, this trend is reversing for many in 2022.Īfter hovering at 0.0%, the U.S. Interest rates are based on short-term benchmark policy rates set out by central banks. In this Markets in a Minute from New York Life Investments, we show interest rates by country in 2022. At the same time, central banks are unwinding record monetary stimulus from COVID-19. Soaring inflation, the war in Ukraine, and strengthening economies are spurring interest rate increases around the world. This infographic is available as a poster.
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