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9/21, 9:31 AM (Source: TeleTrader)
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Deutsche Bank: Economic recovery faster than expected

Deutsche Bank said on Monday that the global economic recovery from the coronavirus shock has been faster than it initially expected and added it sees global GDP returning to pre-pandemic levels by mid-2021.

"Global economic recovery from the depths of the COVID-19 plunge this past winter and spring has proceeded significantly faster than we envisioned," Peter Hooper, Deutsche global head of economic research, stated in a note to clients. "As Q3 draws toward a close, we estimate that the level of global GDP is about half way back to its pre-virus level, and we now see that journey being completed by the middle of next year, a couple quarters sooner than in our previous forecast," he added.

The lender added it sees global GDP growth at 5.6% in 2021, raising the forecast from the previously forecast 5.3% increase. Last week, the OECD said it expects global GDP to grow by 5% next year.

Breaking the News / NP