MACRO-- Largest Economies Power Ahead

摘要

The world's largest economies are gaining momentum, shaking off the pandemic blues, and have a good chance of recovering lost ground by the end of this year—much faster than economists had previously predicted. The US economy is heating up, the Chinese economy is booming, while the Eurozone is showing more resilience than expected. AME has boosted its global 2021 GDP forecast to 6%, from 5.36%, as stimulus cheques, the accelerating vaccine rollout and easing restrictions improve confidence and boost consumption. Reinvigorated consumer spending helped propel US first-quarter growth of 6.4% on an annualised basis (1.6% on-quarter). Consumers, who account for 68.2% of the economy, accelerated spending by 10.7%, compared with a 2.3% increase in the previous period. Meanwhile, the elevated saving rate, which rose to 21% from 13% in the fourth quarter, has indicated that households are still flush with cash which should unleash a wave of spending in the second quarter, particularly on services.