Major Economies Economic Forecast

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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