Commentary Although China appears to have had an impressive first half of 2021, appearances, as we all know, are incredibly deceptive. After all, if the country’s economy is as impressive as we have been led to believe, then why is it failing hundreds of millions of its citizens? If I were to ask you the…
IMF Sees Global GDP in 2021 Slightly Below Prior Forecast of 6 Percent
October 5, 2021
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WASHINGTON—The International Monetary Fund expects global economic growth in 2021 to fall slightly below its July forecast of 6 percent, IMF chief Kristalina Georgieva said on Tuesday, citing risks associated with debt, inflation, and divergent economic trends in the wake of the COVID-19 pandemic. Georgieva said the global economy was bouncing back but the pandemic…
US Slightly Revises up Its GDP Estimate for Q2 to 6.7 Percent
WASHINGTON—The U.S. economy expanded at a 6.7 percent annual pace from April through June, the Commerce Department said Thursday, slightly upgrading its estimate of last quarter’s growth in the face of a resurgence of COVID-19 in the form of the delta variant. The government’s estimate of growth in the second quarter—its last of three—was up…
Statistics Canada Says GDP Fell 0.1 per Cent in July, Estimates Bump in August
OTTAWA—Statistics Canada said Friday the economy shrank 0.1 percent in July, following a 0.6 percent rise in June. The agency’s initial estimate for July real gross domestic product had been for a contraction of 0.4 percent despite an easing of public health restrictions. While the majority of sectors the agency tracks grew in July, declines…
UK Economic Rebound Stronger Than First Thought in Second Quarter
The UK’s economic bounce-back was faster than first thought in the second quarter as spending surged after lockdowns lifted, according to official figures. The Office for National Statistics (ONS) said gross domestic product (GDP) increased by 5.5 percent between April and June after being revised up from the initial estimation of 4.8 percent. The ONS…
Goldman Cuts China GDP Growth Forecast on Energy Supply Crunch
SHANGHAI—Goldman Sachs has cut China’s economic growth forecast for 2021 to 7.8 percent, from 8.2 percent, as energy shortages and deep industrial output cuts add “significant downside pressures”, it said in a note on Tuesday. The power supply crunch, brought about by environmental controls, supply constraints, and soaring prices, has forced industries throughout the country…
Fitch Cuts China 2021 GDP Forecast to +8.1 Percent Vs +8.4 Percent on Property Slowdown
September 23, 2021
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BEIJING—Fitch Ratings said on Sept. 16 that it had cut its 2021 economic growth forecast for China to 8.1 percent from 8.4 percent, citing the impact of the slowdown in the country’s property sector on domestic demand.
Germany’s Ifo Institute Slashes 2021 GDP Growth Forecast to 2.5 Percent
BERLIN—Germany’s Ifo economic institute has cut its growth forecast for Europe’s largest economy for this year as supply chain disruptions and a scarcity of chips and other intermediate goods are slowing down the recovery from the COVID-19 pandemic. The institute now sees Germany’s gross domestic product (GDP) growing 2.5 percent this year, down 0.8 percentage…
UK GDP Bounce-Back Faltered in July Amid ‘Pingdemic,’ Shortages
The UK’s economic bounce-back faltered in July despite pandemic restrictions being lifted, as businesses were caught by the “pingdemic” and materials shortages. Official statistics from the Office for National Statistics (ONS) said that gross domestic product (GDP) rose by 0.1 percent in the month of July. In June, that figure was 1 percent. The UK…
US Economic Growth Estimate Sees Boost as Commerce Dep’t Revises 2nd Quarter GDP Number
The American economy grew a little faster in the second quarter of 2021 than previously estimated, with the Commerce Department lifting its growth rate projection to 6.6 percent. U.S. gross domestic product (GDP) grew 0.1 percentage points faster in the second quarter than the Commerce Department’s earlier estimate of 6.5 percent, the government agency said…
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