The world is emerging from a deep recession, and the recovery is coming faster than expected. With more than 800m vaccines administered globally, activity holding up despite lockdowns and additional fiscal stimulus coming. The IMF expects the global economy to stage a strong recovery, growing by 6.0% this year, with growth of 4.4% in 2022.
Global economic activity could return to pre-Covid level before end of this year
The global economy is bouncing back in terms of confidence, orders, employment, and spending, according to the latest ACCA and IMA Survey. The survey of 1,000 senior accountants and finance professionals across the world recorded the biggest jump in economic confidence this quarter in the 12 years it has been running. Read more →
Millions of sole traders shun growth in favour of independence and creativity
More than 70% of sole traders in the UK enjoy being small and don’t aspire to grow in future, with 62% saying the benefits of being a sole trader far outweigh those of being a larger business, according to a new report from Xero. Read more →
Business insolvencies set to rise 26%
An Atradius report suggests global insolvency rates are set to rise by 26% this year, with state support amid the coronavirus pandemic having delayed insolvencies that would have occurred in 2020. A number of markets are set to exceed the average by a significant margin, with failure rates in the UK expected to rise by 56%. Read more →
Banks shift £900bn in assets to the EU, post-Brexit
A study by the New Financial think-tank suggests that more than 440 firms in banking and financial services have relocated part of their business, moved employees or set up new entities in the EU following Brexit. Banks have moved or plan to move more than £900bn in assets to the EU, while insurance firms and asset managers have transferred more than £100bn. Read more →
UK-EU talks on Northern Ireland ‘to intensify’
The UK and the EU announced they would intensify talks on customs arrangements for Northern Ireland. The EU launched legal action some weeks ago over the UK’s decision to delay implementing some border checks.Read more →
ITFC signs $750m deal to finance commodity trade in Cameroon
The ITFC and the Republic of Cameroon have signed two deals to facilitate the import of commodities, and agricultural and healthcare goods. ITFC will provide to Cameroon a financing envelop of US$250 million annually over a period of three years. Read more →
UK economy returns to growth despite lockdowns
The UK economy edged higher in February, helped by a partial rebound in trade with the EU as businesses learnt to deal with lockdown and new Brexit border restrictions. Output grew by 0.4% in February compared with the previous month, data from the Office for National Statistics. Read more →
TFG Hosted Tradecast on Sustainable Trade Finance
Trade finance has a significant role to play in sustainable development and ESG, which extends to addressing global challenges around climate change, human rights and biodiversity. In this Tradecast by Trade Finance Global and ITFA, we discussed: The definition and roadmap of sustainable trade finance assets, business benefits and risks, investment appetite and whether the pandemic has accelerated considerations for sustainability in supply chains. Read more →
