Major Economies Economic Forecast

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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