Traffic congestion and residential-property gross sales are close to where they stood in early January 2020. Air pollution and coal consumption have returned to 74 and eighty five p.c, respectively, of their January 1 levels. A recent McKinsey survey of 2,500 Chinese customers indicates “cautious optimism”—a gradual regaining of confidence, which ought to improve spending. At this second, robust public-health responses in China, Singapore, and South Korea appear to have been successful. Significant evidence signifies that the curve of cumulative confirmed COVID-19 patients in Asia is becoming flatter.
Oil and gas, as an example, might be adversely affected as oil costs keep lower than anticipated till Q3. In this state of affairs, our mannequin developed in partnership with Oxford Economics suggests that international GDP development for 2020 falls from previous consensus estimates of about 2.5 % to about 2.zero p.c. The biggest components are a fall in China’s GDP from … Read More