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    Prosecutors demand six-year prison sentence for Simon Ekpa

    Prosecutors demand six-year prison sentence for Simon Ekpa

    SEC alerts Nigerians of illegal operator Silverkuun Investment Cooperative Society/Silverkuun Limited

    SEC alerts Nigerians of illegal operator Silverkuun Investment Cooperative Society/Silverkuun Limited

    Legal Expert says only Rivers State can collect VAT as at today following Appeal Court’s order to “maintain status quo”

    Wike describes Seyi Makinde as chief architect of PDP problems

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Breaking: President Tinubu dissolves Boards of Parastatals, Agencies, Institutions

    President Bola Tinubu Approves New Heads of Federal Agencies & Commissions

    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    UH Real Estate Investment Trust to distribute N5.05 per unit to unit holders

    Canceling Keystone XL pipeline cost thousands of jobs, billions of dollars – Biden Administration

    Breaking: President Joe Biden diagnosed with “aggressive” cancer

    Mexican Navy Ship crashes into New York Bridge

    Mexican Navy Ship crashes into New York Bridge

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    UK tightens visa rules for care workers, skilled workers and students

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    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

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    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    CUTIX PLC reports N1.1 billion profit for the FY ended April 2025

    Honeywell Flour Mills Plc reports N14.6 billion profit for FY ended March 2025

    Honeywell Flour Mills Plc reports N14.6 billion profit for FY ended March 2025

    List of Stockbrokers in Nigeria

    Weekly Market Report: NGX market capitalization settles at N70.46 trillion

    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2025, qualification and payment dates

    Dangote Group announces major investment in rice production

    Dangote Group announces major investment in rice production

    Vacancy at Port Harcourt Refinery

    NNPC Ltd Announces Maintenance Shutdown of Port Harcourt Refinery

    Security features of the new naira notes revealed by the CBN

    The Frontier Fund unit holders to get N17 per unit distribution

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    Again DMO offers N360 billion FGN bond for February

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    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    NGX Daily Equities Market Report: Market gains for third consecutive days

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    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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Global Economy: OECD Revises Global Outlook as COVID-19 Vaccine Raises Expectations

Weekly Market Review

Friday, 4 December 2020, 10:37 pm
in Economy
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Global Economy: OECD Revises Global Outlook as COVID-19 Vaccine Raises Expectations
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(Greenwich Merchant Bank): The Organisation for Economic Cooperation and Development (OECD) published a report on Tuesday, 1st of December 2020, on the global economic outlook.

The Paris-based International Organisation projections offered a sparkle of hope for the global economy with the global GDP forecast to contract by 4.2% in 2020 from its previous projection of 4.5%. This projection is on the back of the development of COVID-19 vaccines that have raised hope across many frontiers.

However, OECD’s 2021 global growth forecast was trimmed from the previous 5.0% to 4.2% due to the current pattern of outbreaks and lockdowns which may likely persist for a while with higher potential risks of lasting damage. Accordingly, OECD projected that global GDP would return to pre-pandemic levels by the end of 2021. The organisation has projected a growth rate of 3.7% for 2022.

Across OECD economies, development is expected to be gradual at 3.3% in 2021 albeit uneven, with China being the sole outlier as it is expected to record strong growth of 1.8% in 2020. China is also projected to account for one-third of world economic growth in 2021 with an 8.0% growth and a projected growth of 4.9% in 2022.

Read also: Oil price moves towards $50 per barrel after OPEC+ agreement

The steaming up of the Chinese economy is a result of policy stimulus, stronger credit growth, and improved export performances. Notwithstanding, the rising corporate debts and shadow banking present financial risks that need to be checked.

Furthermore, the United States is expected to record an output decline of 3.7% in 2020, before perking up in 2021 and 2022 by 3.2% and 3.5% respectively. In the near term, increased unemployment rate (when compared to pre-pandemic levels) and the second wave of the pandemic are likely to slow the pace of recovery until a mass rollout of an effective vaccine in H2:2021 to contain the spread. However, a fiscal package in early 2021 and an accommodative monetary policy should help support consumer spending and boost economic activity.

Also, due to the recent restrictions and lockdown protocols implemented as a result of the second wave of the pandemic, UK’s GDP is set to contract by 11.2% in 2020, after which a rebound of 4.2% and 4.1% is projected for 2021 and 2022 respectively.

This upbeat is posited to be largely driven by increased consumption. More so, in view of Brexit arrangements, a conclusive free trade agreement with the European Union will help promote certainty in exports and imports activities.

OECD’s upward revision of world growth from a contraction of 4.5% to 4.2% in 2020 is in tandem with IMF’s global economic review in October from a projected decline of 4.9% to 4.4%. The impacts of COVID-19 appear to be one that has planted its root dip into the marrows of the global economy.

Nonetheless, with the heightened expectation on the development of effective COVID-19 vaccines, there appears to be hope for the economy of nations to be liberated from the wringing clench of the pandemic. Additionally, there will be a need for the fiscal actors to intensify efforts in providing stimulus support to keep the anticipated trajectory of the recovery.

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