Economic Snapshot for G7 Countries
November 25, 2020
Global economic activity is set to rebound in 2021
Global economic activity is set to 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 Bank of England boosted its asset purchasing program, while the ECB suggested it could loosen its stance in December. The Bank of Canada adjusted its asset purchases, although judged its QE program to be just as expansive as before. Looking ahead, global monetary conditions should remain highly accommodative.
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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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Italy: Pace of decline in annual prices moderates in November
November 30, 2020
Consumer prices fell 0.1% month-on-month in November, contrasting October’s 0.2% increase.
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Italy: Consumer confidence worsens on renewed restrictions in November
November 27, 2020
The consumer confidence index slipped to 98.1 in November from 101.7 in October amid the reimposition of measures to contain the spread of Covid-19. November’s weakening was broad based.
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Italy: Business confidence dives amid renewed containment measures in November
November 27, 2020
The National Institute of Statistics (Istat)’s composite business confidence indicator (Clima di Fiducia delle Imprese Italiane, IESE)—which covers the manufacturing, construction, market services and retail sectors—plunged from 92.2 in October to 82.8 in November. The decrease was driven by a broad-based deterioration, with sentiment falling in the manufacturing, construction, retail trade and market services sectors.
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Germany: Economy rebounds at record pace in Q3
November 27, 2020
A second reading revealed that the economy expanded 8.5% quarter-on-quarter on a seasonally-adjusted basis in Q3 (previously reported: +8.2% qoq s.a.), swinging from the record 9.8% contraction recorded in the second quarter.
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Germany: Second Covid-19 wave to hit consumer sentiment hard in December
November 26, 2020
Consumer confidence is expected to dive to minus 6.7 in December from minus 3.2 in November as the second wave of coronavirus and the reintroduction of restrictive measures will hit sentiment.
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