Major Economies Economic Forecast

Economic Snapshot for G7 Countries

May 6, 2020

Global economic growth to take a severe hit in 2020

The global economy will take a severe hit this year as the coronavirus pandemic has brought economic activity to a screeching halt across large swatches of the globe, including in Asia, Europe, and the United States. Uncertainty over the outlook is elevated, given the constant evolution of the pandemic and lack of clarity regarding when widespread lockdowns will be lifted.

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 African countries will still experience high inflation.

The Fed, BoC and BoJ left rates unchanged at their April meetings, but the BoC and BoJ ramped up asset purchases. The PBOC cut several interest rates in April. Central banks are expected to maintain an accommodative monetary stance this year in the face of the Covid-19 pandemic. In the G7, any further easing is likely to be via QE due to already rock-bottom interest rates.

Over the last month, the U.S. dollar lost ground against major currencies such as the CAD, CNY, EUR, GBP and JPY, likely driven by Federal Reserve measures to support dollar liquidity around the world, and a slight easing of safe-haven demand



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