Recession

• [New] While growth has slowed from the record-breaking second quarter, the U.S. economy has already made up for the lost ground during the virus-induced recession in 2020 and is expected to grow almost 6% in 2021, which would be the highest annual growth since 1984. Protivity
• Sub-Saharan Africa Exits Recession In 2021 But Recovery Still Vulnerable Additionally, thanks to prudent monetary and fiscal policies, the regiona € s fiscal deficit, at 5.4% of GDP in 2021, is expected to narrow to 4.5% of GDP in 2022 and 3% of GDP in 2023. Langztrend
• After five consecutive years of recession, economic activity in Angola is projected to rebound from -5.4% in 2020 to 0.4% in 2021, before accelerating further to 3.1% in 2022 on the back of higher oil prices. World Bank
• The Republic of Congo is expected to continue a prolonged recession path at -1.2% in 2021, and it will eventually emerge from recession in 2022 amid increased revenues reflecting higher oil prices. World Bank
• The South African Reserve Bank on Thursday kept its main repo rate at a record-low 3.5%, and said high commodity prices are helping Africa's most developed economy bounce back from the pandemic-induced recession faster than expected. WSJ
• Despite the difficult context of a global pandemic and external economic shocks, Africa is expected to recover from its worst recession in half a century to achieve 3.4% growth in 2021. African Business
• Rapidly increasing interest rates could stall the economic recovery and risk plunging the UK into a recession. Pound Sterling Forecast
• Administration, natural gas production is expected to surpass pre-recession levels in 2021, while oil production is not expected to recover until at least 2023. COLORADO LEGISLATIVE COUNCIL STAFF ECONOMICS SECTION
• A more severe downside risk, perhaps due to the reintroduction of social restrictions that derails the consumer recovery, would see most city economies fall back into recession in 2022. Oxford Economics
• While there is currently no indication of a recession or bear market, the Fed starting to taper its asset purchases will increase volatility. investing.com
• As the trade agreement kicked off in the middle of a global pandemic coupled with a global recession, it is still unclear how the reduction in tariffs on goods and services will impact Nigeria's households and businesses. Speevr
• China, the first country to succumb to pandemic-fuelled recession and the first to emerge, is now spooking international investors, fearful that a summer blip in growth could herald a longer-term slump lasting into 2022. Armstrong Economics
• The rules, which set limits on borrowing by European governments to protect the value of the euro, are suspended until the end of 2022 to give member states more leeway in fighting the economic slump caused by the coronavirus pandemic. The Peninsula
• The pandemic effects - from consumer to stimulus spending - will have an impact on inflation, and perhaps send the US economy into a recession. BizReport
• Over the long-term, despite the severe recession caused by the COVID-19 pandemic, the ASEAN region is expected to continue to be one of the fastest growing regions of the world economy. IHS markit
• Crude oil found a fresh bid in Asia after slumping to the lowest since May in response to Covid-19 risks to demand in China and other major consumers, a stronger dollar and US shale production rising to a one-year high. Saxo
• An array of progressive and pro-White House groups plans to spend nearly $100 million to promote President Joe Biden's agenda over the next month to pressure Congress while lawmakers are on their August recess. The Times Of India
• The UK is facing a slump in the creation of ideas that will slow down economic growth, and be made worse by remote working. The Conversation
• India's July crude oil imports slumped to their lowest in a year, tanker arrival data from industry sources showed, and are likely to rebound in August as refiners are expected to boost runs after the maintenance of units. Armstrong Economics
• Regional borrowing induced by macro economic impacts of the Coronavirus pandemic - which has led to the first economic recession in Africa for thirty years, is placing citizens at great risks. allAfrica.com
• The euro zone economy grew faster than expected in the second quarter, pulling out of a pandemic-induced recession, while the easing of coronavirus curbs also helped inflation shoot past the ECB's 2% target in July, hitting 2.2%. Financial Post

Last updated: 20 October 2021