In this paper we propose a new indicator of monthly global real economic activity, named world steel production. We use … world steel production, OECD industrial production index and Kilian's rea index to forecast world real GDP, and key … commodity prices. We find that world steel production generates large statistically significant gains in forecasting world real …

commodity-oriented countries. Therefore, the study of the impact of world commodity prices on the dynamics of economic growth of … tools is an urgent task. The purpose of the study is the impact of volatility and the level of world commodity prices on … simultaneous accounting of the level of world commodity prices and their volatility, allows us to empirically evaluate the …