World economic outlook dims with lessened factory output overseas

Factory outlook weakened in July in the four largest eurozone economies, and output also slowed in China, South Korea and Taiwan.

Production plunged in Europe and Asia last month as the result of supply chain issues and a slowing economy worldwide.

Last week, the International Monetary Fund lowered its global growth forecast for 2022 and 2023, signaling that recession may be looming. The eurozone’s prospects look especially dire, with record-breaking inflation and the likelihood of a Russian energy cutoff.

New orders have fallen at the sharpest rate since the debt crisis in 2012 and are likely to worsen, according to Chris Williamson, an economist at S&P Global.

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