GLOBAL & REGIONAL DAILY (Thursday 23 July 2020)

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GLOBAL & REGIONAL DAILY (Thursday 23 July 2020)

GLOBAL & REGIONAL DAILY

HIGHLIGHTS

July 23 2020

Global Markets

Investors’ focus centres on more fiscal stimulus to support the economic recovery from the Covid-19 crisis despite heightened US/China tensions. Meanwhile, worries regarding increased Covid-19 infections prevail, as the number of infections exceeded 15mn globally.

Greece

According to the OECD’s forecast released yesterday, Greece’s GDP will contract by 8.0% and employment by 3.5% in 2020, assuming there will not be a second wave of Covid-19 (single-hit scenario). In the opposite case (double-hit scenario), the decline in output this year could be 9.8% and in employment 3.8%.

CESEE

Serbia: The EU has provided EUR12.5bn for pre-accession assistance funds for the programming period 2021-2027 and Serbia is the largest economy among the candidate countries. On the Covid-19 front and its economic impact, President Aleksandar Vucic announced yesterday a series of measures to foster the hit from the pandemic economy.

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