Recession

• [New] As the World Economic Forum report on the Future of Jobs suggests, automation, in tandem with the COVID-19 recession, is creating a 'double-disruption' scenario for workers, but adds that technological adoption by companies will transform tasks, jobs and skills by 2025.
• [New] Even though the Congressional Budget Office projects the U.S. economy to regain its hot status as early as 2024, the negative impact of the COVID-19 recession could linger.
• [New] Britain's economy is expected to have plunged into reverse at the start of the year after narrowly escaping a double-dip recession, following the worst annual fall in gross domestic product for more than 300 years in 2020.
• [New] In the coming years, when the world is expected to sink into recession, economic considerations will be especially significant in developing countries, and will lend an advantage to the Chinese vaccines.
• [New] The global economy is expected to rebound in 2021 from the deepest recession in living memory with GDP growth of 5% and 3.7% in 2022.
• [New] New infrastructure projects will not only create jobs in the construction sector, but will also enable Indonesia to diversify its economy and reduce territorial inequalities.
• [New] Prolonged lockdown restrictions in the UK and several other countries have raised the prospect of a double-dip recession that will damage company profits.
• [New] The Philippine economy is now expected to swing from the recession of 2020 to growth of 6.5 to 7.5% in the new year 2021 - to 8 to 10% in 2022 2022.
• There is a chance that macroeconomic stimulus on a scale closer to World War II levels than normal recession levels will set off inflationary pressures of a kind we have not seen in a generation.
• While the US and other G7 economies are estimated to recover fairly quickly, thanks in large part to a fast and massive vaccine rollout, emerging economies could take years to get back to pre-pandemic levels.
• Premised on the assumptions of rapid increase in oil price and domestic crude oil production, as well as rapid increase in government capital expenditure, we expect the Nigerian economy to exit recession with a growth rate of 2.9%.
• The U.S. economy is expected to grow faster in 2021 than officials predicted last July, but it will take several years for output to reach its full potential and for employment to return to its pre-recession peak.
• With half of the economies of the world in recession and the IMF describing the economic impact of Covid as the worst since the Great Depression of the 1930s, global growth in 2021 will inevitably be driven by China and India.
• Fitch Solutions, a unit of the Fitch Group, said over the weekend it expects the Philippine economy to rebound in 2021 with a growth of 7.6% from a record-low 9.5-percent slump last year amid the prolonged impact of the COVID-19 pandemic.
• The slump in demand due to COVID-19 restrictions led to a 500,000-tonne metal surplus outside of China last year, with a second year of excess supply expected in 2021.
• The latest surge of COVID-19 infections is pushing the Eurozone into a second recession, squashing hopes for a near-term rebound of the global economy.
• The U.S. solar industry has seen accelerated growth over the past ten years, which continued nearly unabated in 2020 despite the global recession and led to forecasted growth for 2021.
• With both Europe and the United States suffering from the pandemic-induced recessions, settling the Boeing-Airbus dispute could revive the aircraft industry, create jobs, and even revitalize tourism.
• As major economic recessions can cause significant long-term impact on salary growth rates, employees may not see the rates of annual salary grow to return to pre-COVID - 19 levels despite the expected rebound in 2022.
• The U.S economy will grow at a robust pace of about 4% over the four quarters of 2021, the strongest growth in nearly two decades after the deepest recession since the Great Depression.
• Germany's economic growth probably stagnated in the final three months of the year, a period of rising Covid infections when several other big European economies are expected to have fallen into a double-dip recession, including in the UK.
• As good as 2020 was, 2021 could be an even stronger year for renewable energy as one of the Big Four accounting organizations and the largest professional services Deloitte has highlighted five major trends expected in 2021 despite coronavirus pandemic and domestic economic recession.

Last updated: 24 February 2021