Economic Snapshot for G7 Countries
October 7, 2020
Global economic growth to take a severe hit in 2020
The world economy will shrink this year at the sharpest rate in decades, as measures taken to contain Covid-19 severely restrain private consumption, investment, trade, and travel. Risks to the outlook are elevated, given uncertainty over the evolution of the pandemic—including the possibility of a second wave of infections—and the duration of social distancing restrictions.
Major Economies Monetary & Financial Sector News
Global price pressures are currently moderate due to low oil prices and weak demand, and these two factors will likely continue to keep inflation mild this year. That said, certain Latin American and Sub-Saharan African countries will still experience high inflation, amid currency weakness and the locust plague in Sub-Saharan Africa hitting food supply.
Over the last month, the ECB ramped up its asset purchase program by EUR 600 billion, the Bank of England boosted its asset purchase program by GBP 100 billion, while China’s Central Bank cut rates. Other major central banks stayed put. Going forward, 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 sharpest in close to six years
October 16, 2020
Consumer prices fell 0.68% month-on-month in September, contrasting August’s 0.29% increase.
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Germany: Harmonized prices post largest fall since January 2015 in September
October 14, 2020
Harmonized consumer prices dropped 0.38% from the previous month in September, following August's 0.19% fall.
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United Kingdom: Labor market remains soft at end-Q3, worse to come in fourth quarter
October 13, 2020
According to the ONS, in June–August the unemployment rate ticked up to 4.5%—an over three-year high—while redundancies rose at a record pace in quarter-on-quarter terms.
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United States: Inflation continues to increase in September
October 13, 2020
Consumer prices rose 0.20% over the previous month in September, weaker than August’s 0.37% rise.
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France: Industrial output growth loses pace in August
October 9, 2020
Industrial output grew 1.3% month-on-month in seasonally-adjusted terms in August, which was a deterioration from July's 3.8% increase.
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