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On April 1st, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, commented on the US March PMI data, stating that the US manufacturing sector has demonstrated encouraging resilience against the backdrop of the Middle East conflict. Business confidence in output for the coming year has also remained strong so far. This continued resilience stems partly from reduced concerns about government policies and also indicates that producers expect the impact of the war to be short-term and limited, although uncertainty remains. Currently, the impact of the conflict is still in its early stages, with soaring prices and delivery delays casting a shadow over the outlook and potentially pushing up inflation, dampening demand, and disrupting supply chains. Driven by soaring oil prices, factory input costs have risen sharply, and supplier delays are more prevalent than at any time since October 2022. As a result, some manufacturers are increasing inventories in anticipation of future price increases or supply shortages, and hiring has almost stalled to reduce labor costs, highlighting concerns that the war could cause problems for factories in the coming weeks.Federal Reserve Chairman Mussaleam: We can shrink our balance sheet by reducing the supply of reserves or reducing the demand for reserves.Federal Reserve Chairman Mossallem: It will take time for damaged infrastructure to be restored to operation.Federal Reserves Mossallem: We will be watching the ripple effects of the conflict on tighter financial conditions.Federal Reserves Barr: Has consistently opposed policy influencing regulation.

Plastic Consumption Is Projected to Nearly Double by 2050, According to Studies

Haiden Holmes

Feb 27, 2023 14:08

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According to research published on Monday, plastic consumption in G20 nations is on track to nearly double by the middle of the 21st century unless a comprehensive and legally binding global treaty to reduce consumption is drafted.


According to Back to Blue, a research group operated by the Economist Impact think-tank and the Nippon Foundation, existing initiatives to increase recycling or reduce single-use plastic consumption have "barely scratched the surface" and a more comprehensive global plan is required.


In Uruguay, the United Nations began negotiations on an agreement to combat plastic pollution in November, with the goal of drafting a legally binding treaty by the end of the following year. 175 countries have joined up for the negotiations.


Nonetheless, if negotiations fail, annual plastic production in G20 nations could reach 451 million tonnes by 2050 based on current development rates, according to Back to Blue - an increase of nearly 75 percent from 2019.


The research group stated, "There should be no illusions that the treaty negotiations will be anything but difficult and treacherous." "The likelihood of failure is high, both in terms of no treaty emerging and a treaty that is insufficient to reverse the plastic tide."


It called for a stricter ban on single-use plastic, as well as increased production taxes and mandatory programs to hold companies accountable for the entire lifecycle of their products, including recycling and disposal.


Back to Blue stated that the combined measures could limit annual consumption to 325 million tonnes by 2050, but that would still be a 25 percent increase from 2019 and the equivalent of 238 million garbage vehicles.


Brazil, the United States, Indonesia, and Turkey are among the G20 countries that have yet to introduce national prohibitions on single-use plastic products, according to the report.