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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Expectations of a global economic recovery due to the rise in individual savings to $ 5.4 trillion

rocky
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Expectations of a global economic recovery due to the rise in individual savings to $ 5.4 trillion Empty Expectations of a global economic recovery due to the rise in individual savings to $ 5.4 trillion

Post by rocky Tue 20 Apr 2021, 7:49 am

Expectations of a global economic recovery due to the rise in individual savings to $ 5.4 trillion

  •  Time: 04/20/2021 07:32:36
     
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{Economic: Al Furat News} Media reports expected a global economic recovery following the Corona pandemic, citing an increase in individual savings around the world.
Al-Mukhtasar al-Mufid .. In important news, you can find it on the Al Furat News channel on the Telegram .. [You must be registered and logged in to see this link.]
According to the "Financial Times" newspaper, consumers around the world have stored an additional $ 5.4 trillion in savings since the start of the Corona pandemic, and have become increasingly confident about the economic outlook, paving the way for a strong recovery in spending as businesses reopen.
According to Moody's credit rating estimates, a worldwide savings surplus has accumulated compared to the 2019 spending pattern, which is equivalent to more than 6% of global GDP by the end of the first quarter of this year.
According to Moody's, booming global consumer confidence indicates that shoppers will be willing to spend again once stores, bars and restaurants reopen when restrictions are eased to control the spread of the virus.
The conference board recorded the global consumer confidence index in the first quarter of this year, its highest level since the records began in 2005, with significant increases in all regions of the world.
"The combination of unleashing large pent-up demand and excess saving will increase consumer spending around the world as countries move closer to herd immunity and openness," says Mark Zandi, chief economist at Moody's Analytics.
Moody's asserted that if consumers spent about a third of their excess savings, they would boost global production by just over two percentage points this year and next year.
Although the global economy suffered its largest drop in output in recent history last year, household incomes were largely protected by unprecedented government stimulus plans in most advanced economies. Consumers have also cut spending in the face of high job and income uncertainty, and because many service companies have closed or restricted.
As a result, household saving rates in many advanced economies in 2020 reached their highest levels this century, according to OECD data, and bank deposits increased rapidly in many countries.
Zandi said surplus savings were highest in advanced economies, particularly North America and Europe where lockdowns were implemented on a large scale and government spending was high.
Moody's estimated that in the United States alone, households accumulated more than $ 2 trillion in additional savings before the start of the mega transfers from President Joe Biden's $ 1.9 trillion stimulus program.
Sylvia Ardagna, an economist at Barclays, expects a "fairly rapid acceleration in household spending this year" in the United States and "to a lesser extent" in the United Kingdom, although she cautioned that "a slower vaccination rollout could mean that any demand The euro area is not pented up in the next two quarters.
A number of Middle Eastern countries where government support was generous also had large surplus savings, while in Asia, the accumulated surplus savings were less than other regions where the epidemic was contained and the impact on family behavior was less pronounced.
In South America and Eastern Europe, savings were lower as a result of the severe blow from the epidemic and lower government subsidies.

Hussein Hatem
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