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24.06.2021, 09:19

Credit Suisse predicts global growth of 5.9% for 2021

CNBC reports that Credit Suisse expects global growth to accelerate in the coming months as countries gradually reopen their economies, leading to a recovery in revenue growth and rehiring.

Credit Suisse predicted the world economy will grow 5.9% this year and 4% in 2022. That growth will be led by vaccine rollouts, fiscal stimulus and a broadening services recovery. It also said the United States is set to grow at a rate of 6.9% this year, the Eurozone is expected to expand by 4.2% while Asia ex-Japan is predicted to grow 7.5%.

Economic expansion will likely lead to a sharp recovery in global earnings growth that is set to fuel the stock market, according to Ray Farris, chief investment officer for South Asia at Credit Suisse.

“We are looking for equities to be the asset class that is going to outperform over the next six months to a year,” Farris told. “As long as earnings continue to trend higher, history suggests that equities will grind their way up.”

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