By the end of 2020, the European Central Bank (ECB) will present the results of its monetary policy strategy review. What changes are to be expected and what changes are needed? This report covers two areas of the strategy review. First, alternatives to the current definition of price stability are discussed. Current studies and the practices of other central banks indicate that supplementing
The ongoing corona pandemic is causing a major shock to the global economy. In the coming months, many countries are expected to suffer severe economic downturns. Sealing off entire regions disrupts supply chains, resulting in production losses and falls in consumption. The global economy is expected to grow by as little as 2.5 percent this year instead of by the 3.7 percent forecasted previously.
Favorable labor market conditions and the resulting increase in private consumption are still sustaining the global economy. Trade disputes and political uncertainties, however, continue to slow investment activity, with the result that economic growth will only be moderate particularly in advanced economies. By contrast, growth is accelerating in emerging markets, especially in India. Global
The ongoing trade conflicts initiated by the US and the uncertainty surrounding Brexit are negatively affecting the global economy. Global trade and investment activity, and thus in many places industrial output, are the areas most impacted. Consumption, however, is continuing to support the economy in many countries. DIW Berlin is expecting global GDP to grow to 3.7 percent this year and to
The global economy is holding steady amidst uncertainty, although subdued export and investment growth in some places is already proving the extent to which protectionism and the unresolved trade conflicts are negatively affecting the economy. Contributing to the uncertainty is the continued unclear outcome of Brexit. In many countries, the domestic economy is fighting against a downturn. However,
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