Deutsche Bank is seeing a strong recovery of the world economy, as according to its forecasts, after a recession of 3.2% in 2020, the world will record a combined GDP growth of 6.3% in 2021.
China, which was the only major economy to grow 2.3% year on year during the pandemic (2020), will see the largest GDP growth at 9.5% in 2021.
The recovery (after a 3.5% recession last year) is expected to be strong this year in the US as well, reaching 7%, compared to 4.6% in the eurozone, 2.3% in Japan, and 6.7% in Britain.
Of the major eurozone economies, Germany is expected to see GDP growth by 4% in 2021 (from -4.9% in 2020), compared to 6.2% (from -8.2%) in France, 4, 9% (from -8.9%) of Italy and 6.3% (from -10.8%) of Spain.
For Greece, it has not changed its forecasts, as it expects a growth rate of 6.1% in 2022 after a weak growth of around 2% this year, which, however, falls short of the estimates of economists of other international banks and foreign companies that foresee GDP growth around 3.5% to 5% this year for the Greek economy, as expectations regarding the opening of European economies from the pandemic have improved.
The German bank sees two risks that could overturn the data: the first has to do with the pandemic in case a new mutation can not be controlled or there are problems with the availability of vaccines, while the second concerns the case that rising inflation takes off forcing central banks to tighten fiscal policies.
It estimates that the ECB will be cautious about changing its monetary policy, with a smooth exit from the emergency pandemic program (PEPP) expected for 2022, while predicting that the Fed will announce a reduction in bond markets next December .
Deutsche Bank also predicts that by the end of 2021, 10-year US bond yields will be around 2.25% (compared to the zero zone in the eurozone), the euro / dollar exchange rate will also reach 1.3 to 1 by the end of the year, Brent crude oil will standat $ 70 / barrel, with gold falling to $ 1,500-1,700/ounce. At some point also by the end of the year, a 6% -10% correction of the US S&P 500 index is expected.
Οι φόροι στα… πρόβατα, ο πόλεμος των Τούρκων, το χαράτσι στο σχολείο και η Κρισταλίνα που μοιράζει λεφτά
Covid-19 Greece: 54.649 infections in fourth second week of Sept.; 85 deaths
This is equivalent to 5.238 infections per one million people during the specific week, with 25 percent of the weekly new infections being re-infections
GNTO’s campaign film “Greece DOES have a Winter” a candidate for World’s Best Tourism Film
"I am very proud of this campaign! It is the first time that such an effort to promote winter tourism has been made"
Coffee Island emerges as pre-eminent coffeeshop brand in Greece; attempt to absorb rising costs
Company CEO Konstantinos Konstantinopoulos said the company is now attempting to promote more food items and snacks as part of its menu
Sharp reactions greet latest attempt by Ankara to illegal stake out Med maritime zones by employing provisional Tripoli gov't
Opposition to the latest instance of “Turkography” in Mediterranean waters was summed up on Monday evening
Mitsotakis: Despite the adversities, the country is moving forward
Greek PM spoke at a meeting of ruling New Democracy's Parliamentary Group in the Greek Parliament
Athens, Cairo dispute legitimacy of interim Libyan govt to sign contentious deal with Turkey
Greek Foreign Minister Nikos Dendias spoke by phone with his Egyptian counterpart Sameh Shoukry
Turkey-Libya energy MOC a 'dangerous development for Greek interests', says SYRIZA
This announcement "comes only a few days after [Greek Prime Minister] Kyriakos Mitsotakis met with the head of the Libyan Presidential Council, Mohamed al-Menfi"
Depa Infrastructure signs new bond loan with Eurobank for up to 580 mln€
Depa Infrastructure is a leading Greek gas distribution operator that recently became part of the Italgas Group.
Athens readies diplomatic reax amid latest instance of 'Turkography' in east Mediterranean; Ankara deal with Libya under scrutiny
Sources in Athens on Monday said an official Greek reaction will come once, and if, the text of the agreement is released
Elinoil: 186,3% increase in H1 2022 sales, compared to same period last year
Reported H1 2022 sales of 1.950.9 billion euros