Economists are ratcheting up their projections for U.S. growth this year as Congress moves closer to another large financial support package, while the recovery in much of Europe is expected to be more moderate.
Japan’s economy, meanwhile, is projected to have registered double-digit growth as 2020 drew to a close, fueled in part by export demand. While emergency guidelines point to a setback in the current quarter, a stronger fourth-quarter result suggests the nation will be better positioned soon after.
Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy:
U.S.
Major Upgrade
U.S. outlook brightens on expectations for trillion-plus more in fiscal relief
Source: Bloomberg monthly survey
Note: 76 economists surveyed from Feb. 5-10
Expectations for gross domestic product growth increased for the current three-month period and every subsequent quarter through mid-2022 in the latest survey of economists by Bloomberg News. Economic growth this year is estimated to be the strongest since 1984.
Eye on CPI
Annual U.S. core inflation eased in January, while headline figure saw no change
Source: Bureau of Labor Statistics
The consumer price index is part of an intensifying debate in financial markets over the course of inflation. Despite the tame January figure, price pressures are set to firm in the months ahead.
Europe
Uneven Recovery
European economies will expand as little as 1.8% and as much as 5.6% this year
Source: European Commission
The European economy will recover more slowly this year as the coronavirus keeps a tight grip on the region, with the outlook resting largely on a vaccination campaign that has so far stumbled.