Economic Snapshot for G7 Countries
December 22, 2020
Global economic activity is set to rebound in 2021
The global economy should rebound in 2021. However, the nature of the recovery could be stop-start until a vaccine is widely available, as possible further waves of Covid-19 may lead to governments reimposing restrictions. Potential logistical difficulties in the rollout of a vaccine, structural damage to labor markets and U.S.-China tensions pose downside risks.
Major Economies Monetary & Financial Sector News
Global inflation should remain broadly stable next year. While price pressures in developed economies should intensify as economic activity recovers, inflation in developing economies is seen declining amid stabilizing currencies and reduced supply-side pressures.
Over the last month, the USD lost ground against other major currencies such as the CAD, CNY, EUR, GBP and JPY, as vaccine progress, victory for Biden in the U.S. elections and progress on U.S. stimulus reduced the safe-haven appeal of the greenback. Demand for the CNY was likely further supported by economic outperformance.
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5 years of Major Economies economic forecasts for more than 30 economic indicators.
Major Economies Economic News
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Germany: Industrial output rises in March
May 7, 2021
Industrial production rose 2.5% month-on-month in March, after contracting 1.9% in February.
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Germany: Merchandise exports growth accelerates in March
May 7, 2021
Merchandise exports growth accelerated to 1.2% month-on-month in March, from 1.0% in February.
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United Kingdom: BoE keeps rates and total stock of asset purchases unchanged in May, but reduces pace of bond buying
May 6, 2021
At its meeting ending on 5 May, the Bank of England (BoE) maintained the bank rate at the record low of 0.10%, where it has been since March 2020.
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Germany: Economy suffers contraction in the first quarter of 2021
May 5, 2021
Germany witnessed likely one of the strongest contractions in the Euro area in the opening quarter of the year, with GDP falling 1.7% quarter-on-quarter after expanding 0.5% in Q4 2020.
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Switzerland: Inflation comes in at over one-year high in April
May 5, 2021
Consumer prices rose 0.21% from the previous month in April, slowing down from March's 0.34% rise.
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