WASHINGTON -- U.S. federal debt is projected to reach nearly twice the size of the economy in 2050, driven by the massive fiscal response to the COVID-19-induced recession, the Congressional Budget Office (CBO) said Monday in a report.
"Even after the effects of the 2020 coronavirus pandemic fade, deficits in coming decades are projected to be large by historical standards," the report said, expecting the federal deficit to increase from 5 percent of U.S. gross domestic product (GDP) in 2030 to 13 percent in 2050. (U.S.-Debt)
- - - -
FRANKFURT -- The Chinese economy made a relatively swift recovery after bottoming out in the first quarter of the year due to the COVID-19 pandemic, according to an article published by the European Central Bank (ECB) on Monday.
China's economic activity rose from a trough of around 20 percent of normal levels in February 2020 to 90 percent in the span of just three months, ECB analysts said in the article, citing both traditional data and non-conventional high-frequency economic indicators. (ECB-China-Economy)
- - - -
SAN FRANCISCO -- Boeing has announced a firm order from an unidentified customer for two 737-800 Boeing Converted Freighters (BCF), as well as agreements to open additional conversion lines in Guangzhou, China, and Singapore to meet strong market demand.
Based on the popular Next-Generation 737, the 737-800BCF is capable of carrying up to 23.9 tonnes and flying up to 2,000 nautical miles (3,750 km), the company said Sunday in a statement. (U.S.-Boeing-Order)
- - - -
BRASILIA -- Brazilian financial analysts reduced their forecast contraction in economic growth for 2020, from 5.11 to 5.05 percent, but kept next year's growth projection at 3.5 percent for the 16th week in a row, the Central Bank of Brazil said on Monday.
According to the bank's weekly survey of Brazil's leading financial institutions, analysts raised their inflation forecast for the year, from 1.94 to 1.99 percent, with next year's projected rate holding steady at 3.01 percent. (Brazil-Economy)