Desktop
iPad
Mobile

Agenda

Setting the investment agenda

20.01.2021

Agenda 2021 – Global Economy Breakdown


United States

 

The business cycle troughed in the US in April when 95% of Americans were ordered to stay-at-home. The subsequent economic re-opening coupled with historic fiscal and monetary support will drive a strong recovery in 2021. 

Enlarge 
Source: Bloomberg



Europe

 

 

Europe’s fiscal policy response to the pandemic was about half the size of that in the U.S. Europe is more exposed to global trade than the U.S. and so will be a beneficiary of a rebound in Chinese demand.

Enlarge 
Source: Bloomberg




China

 

 

The world’s second-largest economy was the only major economy to grow in 2020, albeit at the slowest annual pace since 1976. Growth is projected to pick up to around 8.5% in 2021, led by exports and strengthening consumption and investment.

Enlarge 
Source: Bloomberg



Japan


 

Japan’s recovery will likely lag other developed economies. Despite recording just 2–3% of the number of cases in the US or Europe, the weak bounce back in consumption suggests the virus has left more scarring in Japan. A boost to spending and tourism will come from hosting the delayed Olympics in 2021. 

Enlarge 
Source: Bloomberg

 

Australia

 


Pent up demand and the easing of restrictions on domestic tourism, hospitality, and retail are likely to support growth. Forward guidance from both the Reserve Bank and the Federal Government suggests monetary and fiscal stimulus will remain in place for several more years at least.

Enlarge 
Source: Bloomberg



United Kingdom

 


A no-deal Brexit crisis was averted but
the UK still faces the biggest reset of an advanced economy’s trade relations since World War II. Growth is expected to rebound as the UK finished 2020 further below pre-crisis growth levels than any other G7 economy.

Enlarge 
Source: Bloomberg



Download Agenda 2021 PDF

 

 

 

 

 

 

LOGIN