News | Forex Optimum

News

News

OECD projects global GDP will collapse by 4.5% this year

CNBC reports that the Organization for Economic Cooperation and Development warned that the global economy has performed better-than-expected but it is still on track for an “unprecedented” decline in output.

In its latest economic outlook, the OECD said the world economy will contract by 4.5% this year — an upward revision from an estimate made in June that pointed to a 6% fall in gross domestic product (GDP).

Going forward, the OECD expects the global economy to grow by 5% in 2021. Nonetheless, the outlook “remains exceptionally uncertain” due to the coronavirus pandemic.

“Output picked up swiftly following the easing of confinement measures and the initial re-opening of businesses, but the pace of the global recovery has lost some momentum over the summer months,” the OECD said.

China is seen growing by 1.8% in 2020 — the only country among the OECD estimates that’s expected to experience growth. By contrast, the U.S. economy is set to contract by 3.8% and the euro area by 7.9%.

You may also be interested:

18:14 25.09.2020
Goldman Sachs picks EM currencies to back when "the dust settles" - CNBC
CNBC reports that Goldman strategists suggested in their note Thursday that while it may be too early to engage with high-yield emerging market (EM) bets, with risks still prevalent and the dollar on the move, it is not too early to start thinking systematically about opportunities once the crisis subsides. They identified the Mexican peso (MXN) as the most attractive among “high cyclical beta, high carry longs.” It was closely followed by the South African rand (ZAR) and Russian ruble
17:37 25.09.2020
Italy to raise budget deficit target to about 12.8% of GDP from 11.9% in August - Reuters reports, citing sources
To target 2021 budget deficit at 7%To raise debt-to-GDP target to 160% from 157.6% in August; to aim to lower it to 156% in 2021To set 2021 GDP growth target at 6%, up from 4.7% in April
17:22 25.09.2020
U.S. Durable Goods Orders: Core orders point to capex recovery continuing - Wells Fargo
FXStreet notes that the U.S. Durable Goods Orders report released on Friday showed an increase of 0.4%, below expectations. Analysts at Wells Fargo point out the slowdown in core orders was more gradual and shows the capex recovery continues.“Durable goods orders slowed sharply in August, increasing just 0.4% after an upwardly revised gain of 11.7% in July. The downdraft stemmed in part from a 4.0% drop in motor vehicles as pent up demand from shutdowns shows signs of exhaustion.”“The rise in
Deposit
options
Trading
platform
download
Bonuses VIP