Weekly Global Report:
Trade and Economic Updates
Highlights
International Monetary Fund releases January update
- The January 2025 World Economic Update by the International Monetary Fund (IMF) was issued earlier this month and sees global growth as divergent and uncertain. The IMF projects global growth at 3.3% in 2025 and 2026, below the average of 3.7% from the years 2000 to 2019. Headline inflation is projected to fall to 4.2% in 2025 and 3.5% in 2026. The IMF attributes some of the low growth and uneven global disinflation to policy generated disruptions. The report suggests that “decisive policy action is needed to enhance economic dynamism, boost the supply side, and counter the rising risks to the already-dim medium-term growth prospects. Targeted reforms in labour markets, competition, health care, education, and digitalization can revive productivity growth and attract capital.”
World Bank releases Global Economic Prospects report
- The World Bank’s report finds that the global economic context has become “modestly more favourable since last June, following several years characterized by overlapping negative shocks”. The World Bank projects a 2.7% global growth for 2025 and 2026 amid a context of uncertainty and risks associated with trade policy and conflict-related global instability. To read the full report you can click on the link here(external link) or visit the World Bank website.
Africa and Middle East
United Arab Emirates and New Zealand sign FTA
- The Comprehensive Economic Partnership Agreement (CEPA) and accompanying Bilateral Investment Treaty (BIT) between New Zealand and the United Arab Emirates have now been signed after negotiations concluded in September 2024. Both sides will now commence their respective legal processes to bring the Agreement into force. For New Zealand, this includes parliamentary scrutiny of the text of the agreements and an associated National Interest Analysis, which will provide an opportunity for the public to make submissions on the CEPA and BIT. Following a Select Committee report, Parliament will then consider the legislation required to implement the agreements. This is New Zealand’s first free trade agreement in the Middle East, opening new opportunities to grow and diversify exports in a dynamic, high-value market. To read more, go to our NZ-UAE CEPA page(external link)
Europe
Germany livestock foot-and-mouth outbreak
- German meat and dairy products are facing international export bans following the country's first foot-and-mouth disease outbreak,(external link) in nearly 40 years. This has prevented many products from obtaining mandatory veterinary certificates for exports outside of the EU. Already the UK, South Korea and Mexico have banned imports of many German meat and dairy products. The German government will be keen to ensure that the outbreak does not lead to crippling costs similar in scale to that caused by the outbreak in the UK(external link) in 2001 which resulted in costs reportedly over £8bn across numerous industries including tourism as well as the livestock sector.
EU Digital Product Passports
- In 2025, the European Union will formally introduce Digital Product Passports (external link)(DPPs). Starting in April, the European Commission will offer more details, including a working plan of which products will be prioritised, and what information will be required in the passports. DPPs will provide comprehensive information about a product's life cycle, including composition, origin, and environmental impact. Passports will be introduced in phases based on product group. Consumer goods, especially those in fashion, electronics, and furniture, are expected to be most impacted. Businesses should prepare to overhaul their data management systems to have complete visibility over their entire value chain.
Reports released this week
More reports
Previous global economic round-ups can be found here(external link).
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External links
The following links may provide useful information to businesses:
NZTE’s website(external link) and their myNZTE(external link) provides a range of insights and tools available to support New Zealand exporters.
The Treasury releases a weekly economic update(external link) every Friday. Stats NZ has published a data portal(external link) with near real-time economic indicators.
MBIE publishes a sector reports series(external link) which provides regularly updated reports on all industry sectors that make up the New Zealand economy. These include official economic data and the challenges and opportunities that face New Zealand’s industry sectors.
Business.govt.nz(external link) provides tools and advice from across government to save small businesses’ time and help make the business a success.
MFAT has created a tariff finder(external link) which is designed to help goods exporters and importers maximise benefits from New Zealand’s Free Trade Agreements and compare tariffs in 136 other markets.
The all of government Trade Barriers(external link) website can be used to register any trade barriers experienced or issues exporting to an offshore market. Queries can be sent via the website or through the MFAT Exporter Helpline 0800 824 605. Enquiries will be sent to the government agency best placed to answer.
Tatauranga Aotearoa Stats NZ provides official data on the value of New Zealand’s exports and imports of both goods and services, by commodity type via the New Zealand Trade Dashboard(external link). This interactive dashboard is updated every quarter and allows for filtering by country and by commodity type.
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Disclaimer
This information released in this report aligns with the provisions of the Official Information Act 1982. The opinions and analysis expressed in this report are the author’s own and do not necessarily reflect the views or official policy position of the New Zealand Government. The Ministry of Foreign Affairs and Trade and the New Zealand Government take no responsibility for the accuracy of this report.
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