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Greece has reserves to help economy fight virus impact

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GREECE

This is one of several temporary ECB measures against tightening liquidity in the euro-area due to the coronavirus pandemic which in Greece has cut official GDP forecasts…

Japan gains footing for future GDP growth

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JAPAN

In addition, the government approved the nation’s first COVID-19 vaccine. Both announcements sent the Tokyo Stock Exchange indices to thirty-year highs. However, deflation remains…

Second COVID wave will worsen Argentina debt outlook

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ARGENTINA

Amid signs of mild economic recovery, the government is seeking to postpone debt payments to the IMF and Paris Club. Fiscal adjustment is already underway, but the government…

The Fed will be very cautious about policy tightening

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UNITED STATES

The Fed targets an average annual inflation rate of 2% but, under its 2020 monetary policy framework, will tolerate a moderate overshoot to make up for past low inflation. The Fed…

Omicron will slow but not weaken German recovery

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GERMANY

Bundesbank president Jens Weidmann stated that the “recovery has been somewhat pushed back” by the impact of supply chain restrictions, the rising costs of raw materials and…

Virus second wave will derail Greek budget forecasts

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GREECE

The official baseline is for an 8.2% GDP contraction in 2020, and a 7.5% rebound in 2021. It took into account moderate restrictions on movement in winter 2020/21, but the…

Prospects for the euro-area in 2022

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PROSPECTS 2022

This forecast implies the continuation of this year's rapid recovery into 2022. However, it depends on some risks abating, particularly with regard to inflation, and hence…

Costa Rica’s OECD membership may assist its recovery

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COSTA RICA

Admission to the group demonstrates international confidence in Costa Rica’s economic management, even as the government struggles with the prolonged negative impacts of the…

Prospects for the global economy to end-2020

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PROSPECTS 2020 H2

COVID-19 dominates the scenarios for the next six months, which range from a swift sharp recovery to another dramatic fall in activity. Policy responses, financial markets…

Belgian unity is at stake under new government

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BELGIUM

The coalition, headed by Prime Minister Alexander De Croo, consists of seven parties from Green, liberal, socialist and fiscally conservative backgrounds. The main challenges will…