Germany’s leading economic institutes on Wednesday published their autumn report, which paints a more pessimistic forecast for the recovery of Europe’s largest economy than experts had predicted in their previous spring report.



a group of people sitting at a picnic table: 13 October 2020, Berlin: Unoccupied chairs of various open-air cafes and restaurants in Tauentzienstraße. Missing guests due to corona-related restrictions are causing the restaurateurs some trouble. Photo: Jens Kalaene/dpa-Zentralbild/ZB (Photo by Jens Kalaene/picture alliance via Getty Images)


13 October 2020, Berlin: Unoccupied chairs of various open-air cafes and restaurants in Tauentzienstraße. Missing guests due to corona-related restrictions are causing the restaurateurs some trouble. Photo: Jens Kalaene/dpa-Zentralbild/ZB (Photo by Jens Kalaene/picture alliance via Getty Images)

The research institutes have revised their GDP forecasts downwards by a percentage point for both 2020 and 2021.

They now expect gross domestic product (GDP) to decline by 5.4% this year from the -4.2% they had forecast in Spring. For 2021, they expect growth of 4.7%, revised down from 5.8%. In 2022, economic output should increase by 2.7 %, they said.

“A good part of the slump from the spring has already been made up, but the remaining catching-up process represents

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Britain’s economy faces a double risk to recovery from a disorderly Brexit as the coronavirus pandemic drags down growth, the Organisation for Economic Co-operation and Development has warned.



a car parked on a sidewalk: The UK car industry and food and textiles producers could be hit hardest by a disorderly Brexit, suffering a fall in exports of more than 30%.


© The Guardian
The UK car industry and food and textiles producers could be hit hardest by a disorderly Brexit, suffering a fall in exports of more than 30%.

On the eve of a critical EU leaders’ summit in Brussels, the influential Paris-based thinktank said the Covid crisis would further complicate a disorderly Brexit as companies were less prepared for the end of the transition period, having diverted attention away from leaving the EU.

It warned that failure to secure a free trade agreement before the UK leaves the Brexit transition period at the end of December would leave the economy 6.5% lower in the next few years than would have been the case if existing arrangements with the EU had been

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graphical user interface, website: Google starts digital engine to accelerate Mena's economic recovery


© Provided by Khaleej Times
Google starts digital engine to accelerate Mena’s economic recovery

Google on Wednesday announced a major programme to support companies in the Middle East and North Africa, which in turn would lead to an accelerated recovery in economies as the world fights back the effects of the Covid-19 pandemic.

The Grow Stronger with Google initiative will provide an overall proactive ecosystem that will digitise businesses and help them cope up with the ever-changing dynamics of the market.

The region-wide programme is also a wide-ranged endeavour. With it, the US Internet giant aims to help a million people and businesses in the region learn digital skills and grow their organisations by the end of 2021; get 150,000 UAE and Saudi businesses online; distribute $4 million in grants and loans from Google.org; and dole out $9 million in ad grants and

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DALLAS, Oct. 14, 2020 (GLOBE NEWSWIRE) — Dave & Buster’s Entertainment, Inc., (NASDAQ:PLAY), (“Dave & Buster’s” or “the Company”), an owner and operator of entertainment and dining venues, today provided an update on the status of store re-openings and its continued encouraging business recovery trends. Key highlights include:

  • As of October 4, 2020, we have safely opened one new store and reopened 98 of the Company’s 136 stores consistent with local health restrictions;
  • Comparable store sales have steadily improved during the third quarter. After declining 87% during the second quarter, comparable store sales declined 75% in August and 62% in September.
  • In August, 84 stores were open at the end of the month, of which 68 stores were comparable stores. The 68 comparable stores performed at an index of 46% compared to their 2019 levels, In September, 99 stores were open at the end of the month, of which 81
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By Tobias Adrian, Financial Counsellor and Director of the IMF’s Monetary and Capital Markets Department

Despite a global economic crisis comparable only to the Great Depression, near-term financial stability risks have been contained with the help of unprecedented monetary policy easing and massive fiscal support across the globe. But many economies had pre-existing vulnerabilities – which are now intensifying, representing potential headwinds to the recovery.

Extraordinary policy measures have stabilized markets, boosted investors’ sentiment, and maintained the flow of credit to the global economy. Critically, these measures helped prevent a slowing economy and sliding financial markets from feeding on each other in a destructive vicious cycle.

The rebound in asset prices and the easing in global financial conditions have benefited not only advanced economies, but also emerging markets. In addition, unlike in previous crises, emerging markets this time were also able to respond by cutting policy rates, injecting liquidity and,

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The global economic recession is turning out to be less severe than feared but governments should not withdraw their fiscal stimulus because the path ahead is perilous, the International Monetary Fund said Tuesday.

“While the global economy is coming back, the ascent will likely be long, uneven, and uncertain,” the international financial agency said, in its latest World Economic Outlook.

Since the summer, prospects have worsened significantly for some emerging and developing economies where coronavirus infections are rising rapidly.

For 2021, the IMF cut its global economic forecast for 2021 to a 5.2% growth rate from the prior 5.4% growth rate.

For 2022 and beyond, the global economy is expected to “moderate significantly” starting in 2022, the IMF said.

“Both advanced and emerging market economies are likely to register significant losses of output relative to their pre-pandemic forecasts,” said IMF chief economist Gita Gopinath, in a statement accompanying the report.

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By David Lawder and Jan Strupczewski

WASHINGTON/BRUSSELS (Reuters) – Global finance leaders on Tuesday said the world economy had escaped a coronavirus-triggered collapse so far, but warned that failure to conquer the pandemic, maintain stimulus and tackle mounting debt among poor nations could crush a fragile recovery.

At the start of the annual meetings of the International Monetary Fund and World Bank, the IMF issued slightly improved growth forecasts spurred by unexpectedly stronger rebounds from coronavirus lockdowns in the wealthiest countries and China.

The IMF said it now expected global gross domestic product to shrink 4.4% in 2020, compared to the 5.2% contraction it predicted in June, when business closures were at their peak. Some $12 trillion in stimulus supplied largely by advanced economies limited the damage, but poor countries and other emerging market economies faced a worsening picture, the global lender said.

“The story is less dire than we

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Topline

Third-quarter earnings season officially kicks off this week with big banks, airlines and consumer-staple firms set to report on Tuesday, and though Wall Street’s eyeing improvements over the previous quarter, a sustained economic recovery is still ultimately contingent on widespread vaccination.

Key Facts

Big banks and airlines–two of the coronavirus pandemic’s worst-hit industries–kick off earnings season on Tuesday, with JPMorgan Chase, Citigroup and Delta Air Lines all set to report before the opening bell.

Expect weak and uneven sales growth, and a collapse in profit margins, to characterize third-quarter results, Goldman Sachs said in a weekend note to clients, adding that it still expects election results will have more

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“The 360” shows you diverse perspectives on the day’s top stories and debates.

What’s happening

When the coronavirus outbreak first started to spread in the U.S., some referred to it as “the great equalizer” because of the health risk it posed to everyone. But that sentiment hasn’t been borne out over the course of the pandemic. Racial, economic and geographical factors have shown to play a major role in how severely different groups are affected.

Another determinant is gender. On the whole, men have experienced the bulk of the health impacts of the virus. As of last week, about 16,000 more men than women had died of COVID-19 in the U.S. Women, on the other hand, have felt a disproportionate amount of the economic pain during the recession caused by the virus. 

Disparities that existed before the pandemic have been exacerbated by business closures and increased at-home responsibilities

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  • With earnings season set to officially kick off on Tuesday, LPL is out with a list of three things to watch for in company results.
  • LPL expects management teams to instill confidence in investors as an economic recovery from COVID-19 is well underway.
  • “Mostly better-than-expected economic data during the quarter is a positive indication of earnings surprises,” LPL noted.
  • Here’s what to watch for in the upcoming third quarter earnings season, according to LPL.
  • Visit Business Insider’s homepage for more stories.

Investors will have a lot to digest over the coming weeks as third quarter earnings season kicks off amid an ongoing economic recovery from the COVID-19 pandemic.

According to FactSet, consensus estimates call for a 20% year-over-year decline in earnings per share, but LPL expects that figure to be “quite a bit better,” according to a note on Monday.

Over the past three months, consensus

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