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George Ma
in
Stocks
May 7 17:34

Leading banks see signs of global economic recovery

The worst is probably behind us, according to Goldman Sachs and Morgan Stanley.
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Goldman Sachs forecasts that the GDP of developed countries will decline by an average of 32% yoy in this quarter, and in the second and third quaters will grow on average by 16% yoy and 13% yoy respectively.
However, we should not wait for a sharp turnaround in the world economy, warns HSBC economist James Pomeroy. In his opinion, data from China suggest that consumer spending recovery is rather slow as people are afraid to go to shops and return to work.
In addition, the lifting of restrictions creates the risk of a second wave of coronavirus pandemic, which could again disrupt economic activity.