Economic Snapshot for G7 Countries
July 3, 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: Industrial production expand strongly in June following May’s record-breaking rebound
August 7, 2020
Industrial output jumped 8.2% in June on a month-on-month, seasonally-adjusted basis.
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United Kingdom: BoE leaves monetary policy unchanged in August, adopts slightly more optimistic tone
August 6, 2020
At its meeting ending on 4 August, the Bank of England (BoE) left the policy rate at a record low of 0.10%.
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Switzerland: Consumer confidence remains in negative territory in Q3
August 4, 2020
According to an early release of Q3 data from the State Secretariat for Economic Affairs (SECO), Swiss consumer sentiment came in at minus 12.0 in August (June: minus 39 points).
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United States: ISM manufacturing index continues to rise in July
August 3, 2020
The Institute for Supply Management (ISM) manufacturing index increased from 52.6 in June to 54.2 in July, beating market expectations of 53.6 and marking the highest reading since March 2019.
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France: Composite PMI rises to over two-year high in July
August 3, 2020
The seasonally-adjusted IHS Markit Composite Purchasing Managers’ Index (PMI) rose to 57.3 in July, after June’s 51.7, marking the best reading since January 2018.
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