Macro Insights Livestream
After the promise of June, July was disappointing for the global economic outlook. Aided by considerable policy support and some signs of easing of the pandemic, consumer spending surprised on the upside and confidence improved somewhat across businesses and households in May/June. But since then, from China to the US, economic momentum has faded. A sharp resurgence in Covid-19 new infections in the US, no sign of respite in large emerging economies like Brazil, India, Indonesia, and South Africa, and a spike in previously subdued Hong Kong, have threatened the pace with which economies can ease lockdown measures. As consumers and businesses weigh in these unfavourable developments, chances of disappointment in forthcoming labour market, retail sales, housing, and investment data are rising.
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