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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5 years of Major Economies economic forecasts for more than 30 economic indicators.
Major Economies Economic News
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United Kingdom: Furlough scheme continues to buttress the labor market, notwithstanding fresh lockdown
February 23, 2021
According to the ONS, in October–December the unemployment rate rose to 5.1%—an over four-year high, and up from 5.0% in the previous rolling quarter.
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Germany: Business confidence ticks up in February
February 22, 2021
Business confidence in Germany rose to a four-month high of 92.4 in February from 90.3 in January.
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United Kingdom: Services and manufacturing PMIs pick up in February
February 19, 2021
The IHS Markit/CIPS UK services Purchasing Managers’ Index (PMI) rose from 39.5 in January to 49.7 in February.
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Japan: Core consumer prices continue to fall in January
February 19, 2021
Core consumer prices increased 0.49% over the previous month in January, following December's flat result.
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Japan: Manufacturing and services PMIs diverge in February
February 19, 2021
The Jibun Bank Composite Purchasing Managers’ Index (PMI)—which combines the PMIs of the services and manufacturing sectors—rose to 47.6 in February according to a flash reading, up slightly from January’s final figure of 47.1.
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