Weekly investor research
Weekly investor research

The OECD revises EM GDP growth forecasts higher

By Gustavo Medeiros

The Organisation for Economic Co-operation and Development (OECD) revised its estimate of global gross domestic product (GDP) growth higher following recent stronger than expected economic data. In Brazil, economists revised their 2021 GDP growth forecasts higher by a large magnitude following strong growth in Q1 2021. In Mexico, exit polls suggest the governing coalition lost its two-thirds supermajority in the congress. In Peru, Keiko Fujimori leads the vote count in the run-off presidential election with three quarters of the votes counted, but her lead is narrowing as rural votes are counted. China’s Vice Premier Liu He met with United States (US) Treasury Secretary Janet Yellen in another bid to improve bilateral relations. The Russian Finance Minister said the Sovereign Wealth Fund aims to sell all Dollar positions in favour of the Euro, Renminbi, and gold. The Reserve Bank of India pledged to keep policy accommodative while mobility restrictions are in place. Tax revenues surprised to the upside in Ecuador. In Turkey, President Recep Tayip Erdogan drove the Lira down again after he said the central bank must cut policy rates soon.

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