• The World Bank predicts that the world GDP will grow by 4.0% in 2021, bouncing back after declining 4.3% in 2020. With that said, global output will remain 5.0% below pre-pandemic levels by the end of this year. While COVID-19 and its spread remain downside risks to the economic outlook, the prospects of a vaccine and a return to “normalcy” in spending and activity should help the overall recovery.
  • The J.P. Morgan Global Manufacturing PMI was unchanged at 53.8 in December, continuing to expand at the fastest pace since February 2018, with the headline index expanding for six straight months. Meanwhile, input prices rose at the fastest pace since July 2018.
  • In December, eight of the top 10 markets for U.S.-manufactured goods had expanding manufacturing sectors, up from seven in November, with Japan being neutral and just one nation (Mexico) in contraction.