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The European Commission announced a downward revision of the GDP growth forecasts of the euro area and the European Union for 2020. Now, the EC expects the euro area economy to grow by 1.4% next year, rather than by 1.5%, as previously predicted. This year, growth will be at 1.2%, just as previously expected. Inflation in this and the next year is expected to be at the level of 1.3%, whereas previously the annual growth of consumer prices was predicted at the level of 1.4%. The EC also reported a revised forecast for EU GDP growth in 2020, which implies an economic recovery of 1.6%, while the previous forecast indicated a GDP growth of 1.7%. For the current year, growth is estimated at 1.4%. Inflation in the EU, according to the updated forecast, this year and next, will be at the level of 1.5%. Escalation of the trade war between the United States and China weakens investor confidence. A new wave of increased trade duties by the two countries may exacerbate a slowdown in economic growth.
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
Financial markets saw record heights earlier on Friday, with the Euro continuing its 21-month gain streak and gold prices hitting its highest level amid a weakened Dollar. The Euro soared above the Dollar by 1.7%, trading at $1.1616 for the ...
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