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2021/03/12 / Erste Group Research

Global economy gathering steam

In the US, the $1.9 trillion stimulus package was passed this week. It is estimated that this will increase spending by 5% of GDP in this fiscal year, which will give the US economy a strong boost. The decision is also likely to have an impact on the upcoming meeting of the Fed's interest rate-setting body: the forecasts for the most important macro variables could show a slight improvement in expectations. However, the extent should not be sufficient for a change in the existing monetary policy.

Sentiment data from the largest emerging market countries China, India, Brazil and Russia currently point to further economic growth in the first quarter. The outlook should also remain positive. This is supported on one hand by the timely and widespread use of vaccines, and on the other hand by the current rise in commodity prices, which should increase the export revenues of many countries. This should increase import demand for consumer durables and capital goods, which should ultimately also benefit the Eurozone as a leading global supplier.


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General information

AuthorErste Group Research
Date2021/03/12
Languageen
Product nameWeek ahead
Topic in focusMacro/ Fixed income
Economy in focusEurozone, United States
Currency in focusEuro, US Dollar
Sector in focus-
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