Can the global economy weather the coronavirus storm?

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New cases set back recovery, South Africa cuts rates to record low

By Blu Putnam, Chief Economist & Erik Norland, Senior Economist, CME Group

Recovery Setback?

  • Air travel in July was just 40% of pre-pandemic levels.
  • New cases of COVID-19 set back recovery in bar-and-restaurant traffic.
  • Rebound in credit card spending slowed in July as infections rose.
  • Pace of recovery highly dependent on consumer spending.
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South Africa: Stimulus, Low Rates Face Challenges

  • Mining, manufacturing activity tumbled in May amid pandemic.
  • Rates cut to record low; concerns over inflation rate falling further.
  • Stimulus and low rates steepen yield curve in a positive sign.
  • Economic recovery contingent upon containing coronavirus.
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