Page 20 - FebDefComp

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Grim milestones abound as 2020 ended, both economically and with COVID-19
Macroeconomic Summary

• The IMF retained its estimate of -4.9% global growth for calendar year 2020 while COVID-related deaths surpassed 2 million in January ‘21 Two vaccines have been approved for emergency-use with the FDA and developed nations globally • aggressively targeting mid-summer herd-immunity thresholds Global growth is set to rebound in 2021 to 5.4% offsetting much of 2020’s losses • for example, China was able to eek Variability in growth is expected to be high throughout the world – • out a positive 2020 figure though many nations expect economic contraction Globally manufacturing sectors have been and remained more buoyant than servicing sectors • though the latter has shown some rebound in recent quarters Overall, the fiscal and general economic backdrop for global growth in 2021 remains p