Business

Report: Key global economic indicators hit lowest level since 2016

Illustration: Aïda Amer/Axios

Headline economic indicators have hit their lowest levels since spring 2016 as the global economy sinks into a "synchronised stagnation" period, research by the Brookings Institution and the Financial Times published Sunday shows.

Why it matters: The Tracking Indexes for the Global Economic Recovery (TIGER) research shows weak growth in some major economies and "essentially no growth or mild contraction" ahead of International Monetary Fund and World Bank meetings in Washington, D.C., this week — the first with Kristalina Georgieva as the IMF’s new managing director.

Ahead of Zuckerberg testimony, new setbacks for Libra

In this image, Zuckerberg's profile is turned away from the camera as he faces it head-on. He's wearing a suit
Mark Zuckerberg leaves a meeting with Sen. John Cornyn (R-Texas) on Sept. 19. Photo: Samuel Corum/Getty Images

Facebook CEO Mark Zuckerberg plans to testify on Libra, Facebook's proposed global cryptocurrency, on Oct. 23. — in the wake of Visa, Mastercard, eBay, Stripe and PayPal pulling out of the project.

The big picture: Visa, Mastercard and Paypal were the largest payment companies in Facebook's "Founding Members" group, or organizations that said it would back the Switzerland-based foundation that plans to manage the Libra cryptocurrency.