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A Reuter’s study reported on Friday that the pandemic-driven global economic downturn will record its sharpest fall this year. Meanwhile, a U-shaped economic recovery is also seen to take place based on the analysis of economists across the globe.
A group of over 500 economists who took part in Reuter’s poll said that most of the major economies were experiencing a severe economic decline. Moreover, more than 55% of economists predicted that major economies are en route to a U-shaped recovery.
Thirty-one of 155 economists are expecting a V-shaped recovery path while 24 analysts reported a checkmark type of recovery. Some other reported recovery styles included the L-shape and the W-shape.
Economic damage was also seen doubling with a 2% shrink versus a 1.2% contraction reported three weeks ago. The new contraction prediction rate was matched with a growth rate forecast ranging between +0.6% - -6.0%.
“The global economy is collapsing at a pace not seen since World War Two,” senior global economist Michael Hanson stated.
The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic. The Dollar index plunged to 92.777, on course ...
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 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed. According ...
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