Tag Archives: economic prospects

German economist panel cuts 2021 growth outlook to 3.1% | World | Instant News








Two women go to a train at a station in Oberursel near Frankfurt, Germany, when it rains on Monday morning, March 15, 2021.


Michael Probst


By GEIR MOULSON Associated Press

BERLIN (AP) – The German economy – Europe’s largest – will grow 3.1% this year, the government’s independent economic advisory panel predicted on Wednesday, cutting earlier predictions.

The panel’s new outlook compared to the 3.7% forecast in November, made at the start of a second round of coronavirus-related closings that is still largely in effect.

Last year, Germany’s gross domestic product shrank by 4.9%. That ended a decade of growth and was the biggest decline since the financial crisis in 2009. However, Germany’s economy did better than some other countries in the 19-nation eurozone because it was supported by manufacturing, which did not take more of a hit than services during the pandemic.

For 2022, economists predict growth of 4%.

“Despite the second wave of infections and, at least here in Germany, the ongoing lockdown, we are far from being in a tough economic situation in Spring 2020,” said panel member Volker Wieland. World trade has increased significantly, he said, with increasing economic activity in China, Asia and the United States in particular.

The German economy grew 0.3% in the fourth quarter compared to the previous three months. Wieland said a downturn was expected in the current quarter, but recovery should resume afterwards – helped by progress in the vaccination campaign so far has been slow.

.



image source

Inspur Information Releases Global Computing Index Report 2020 | Business | Instant News


SAN JOSE, California – (BUSINESS WIRE) – 25 Feb 2021–

Inspur Information, a leading provider of IT infrastructure solutions, has sponsored the International Data Corporation (IDC) white paper on the Global Computing Index 2020 (hereinafter referred to as Report ). As the world’s first index report on computing, Report reveals the relationship between computing power and economic development and serves as a reference for prospects for the global digital economy.

The global digital transformation has entered a phase marked by exponential growth in innovation, with the size of the digital economy projected to continue to increase. As one of the key factors underlying the development of digital technology, computing is now increasingly determining the productivity of the digital economy era. Based on Report, economic growth is directly correlated with computing development – one point of growth in the computation index translates to a 3.3 ‰ increase in the size of the digital economy and 1.8 ‰ GDP growth. In particular, the share of the AI ​​computing market is projected to continue on this upward trajectory. Research on the computing market in sample countries shows that the AI ​​computing market share has grown from 7% in 2015 to 12% of the total computing market in 2019 and is expected to reach 23% by 2024. With the largest number of hyper-scale data centers in the world, the United States has demonstrated strong infrastructure support for computing power growth, ranking first on the index ranking with a score of 75. In second place with a score of 66 is China, followed by Japan (55), Germany (52), and Great Britain (47).

Global Computing Index is a year-long joint effort by Inspur Information and IDC. Report, covering Australia, Brazil, China, France, Germany, Japan, Russia, South Africa, the United Kingdom and the United States, offers a comprehensive assessment of computing power in four dimensions: compute capacity, compute efficiency, application level and support infrastructure.

Zhang Dong, vice president of Inspur Information, noted that “the adoption of emerging technologies, especially AI, will drive computational advancement. As data volumes and algorithmic complexity continue to increase, computing will become the determining factor for the upper frontier of AI development.”

Computing Defines Productivity in the Digital Economy Era; Synchronized Development of Developing Technology Applications and Computing will Drive Economic Growth

Emerging technological and computing developments are mutually beneficial because computing power provides infrastructure support for emerging technologies, which in turn drives the evolution of computing. IoT, AI and big data are some of the main emerging technologies.

By 2020, global spending on AI by companies is estimated to be US $ 49.87 billion, and this figure is estimated to reach US $ 96.28 billion by 2023. AI development is driven by advances in computation, data and algorithms, and required computing power. to process large amounts of data using complex algorithms. Widespread adoption of IoT will drive the rapid advancement of edge computing, which has reshaped IT infrastructure and will revolutionize computing, storage and networking. Cloud computing is the most important way to increase computing efficiency. An IT infrastructure that supports cloud and edge development at the same speed will enable the application of emerging technologies, increase computing power, and ultimately reap greater economic benefits. AI, IoT, cloud computing and other new technologies will be the main drivers of IT spending in the future.

Inspur Empowers Increased Computing Power through Investments in Open Computing and Artificial Intelligence

Report builds a comparative formula between computing power and economic development and serves as a reference for countries to improve their computing power and economic competitiveness. The digital economy is an important component of GDP and computing is the foundation for the development of the digital economy.

As a leading force in new technology, Inspur is the only server vendor to have joined all the major open computing organizations, including OCP (Open Compute Project), ODCC and Open19, and is an OpenStack Gold Member. Inspur leads the OpenRMC subproject, which focuses on next-generation data center management standards, and is an active member of the OAM, Project Scorpio, and OTII specifications for setting edge computing standards.

In artificial intelligence, Inspur is the chairperson of SPEC ML, the Machine Learning Technical Committee under the international evaluation organization SPEC. While working with leading technology companies in AI systems and applications, Inspur leads SPEC ML in the development of AI Test specifications and related benchmarks. Today, Inspur has the most complete line of GPU servers in the industry with nearly 20 computing platforms that support GPU numbers ranging from 4 to 64. Inspur also provides GPU servers with the best designs such as the Inspur NF 5488A5, a record 19 times server-set in the MLPerf benchmark. Inspur currently offers full-stack AI capabilities including the AI ​​Computing Platform, AI Resource Suite, and the Algorithm Toolkit.

Please click for more insights from the report.

About Inspur Information

Inspur Electronic Information Industry Co., LTD is a leading provider of data center infrastructure, cloud computing and AI solutions, ranked among the world’s top 3 server manufacturers. Through engineering and innovation, Inspur delivers cutting-edge computing hardware design and extensive product offerings to address critical technology arenas such as open computing, cloud data centers, AI and deep learning. Performance optimized and purpose built, our world-class solutions empower customers to handle specific workloads and real-world challenges. To learn more, please visit www.inspursystems.com.

See the source version at businesswire.com:https://www.businesswire.com/news/home/20210225005373/en/

CONTACT: Perri Donates

Allison + Partners

[email protected]

Fiona Liu

Inspecting Information

[email protected]

KEY WORDS: NORTH AMERICA CALIFORNIA NORTH AMERICA

INDUSTRY KEYWORDS: HARDWARE FOR SATELLITE CONSUMER SECURITY DATA MANAGEMENT ELECTRONIC CONSUMER PHOTOGRAPHY NANOTECHNOLOGY AUDIO / VIDEO TELECOMMUNICATION NETWORK VOIP INTERNET MOBILE / WIRELESS SOFTWARE

SOURCE: Inspur Information

Business Wire Copyright 2021.

PUB: 02/25/2021 09:07 AM / DISC: 02/25/2021 09:07 AM

http://www.businesswire.com/news/home/20210225005373/en

.



image source

Opinion: The future is good for the post-virus German economy | Business | Economic and financial news from a German perspective | DW | Instant News


Many have said it before, but never really now: It has to get worse before it gets better. This long, dark winter will be quite a challenge for us pandemic-stricken Germans.

We have to refrain from many things; we need to be patient and considerate of others, and at the same time we are called to remain confident. However, there is a reason why we should raise our heads and look to the future without fear. But first, let’s take a look again.

During the first lockdown in the spring of this year, the entire factory was closed, meaning engine and car production came to a halt. Shops large and small were closed. There is no shortage of gloomy forecasts, with some prophets forecasting a 20% drop in GDP for the year.

Ultimately, we will most likely record a 5% contraction for 2020 as a result of the congestion caused by COVID. That’s a lot, but we’ll arrange it. In the summer, the German economy shows everyone what it can do: It finishes the third quarter with a growth rate exceeding 8%. It was truly an incomparable wave.

Henrik Böhme from DW

Who will bear the costs?

In an equally historic development, the government has spent an unprecedented amount of aid money, with billions of euros coming from thrifty Finance Minister Olaf Scholz.

True, the assistance has not reached everyone who needs it most, especially small entrepreneurs and entrepreneurs, and that’s because the software to handle their applications is not yet functioning properly.

In general, you can’t say that the government hasn’t tried to provide quick relief. We are now faced with a new loan of € 180 billion ($ 219 billion) to get the federal budget working next year. Seeing this figure can make you feel dizzy. And who will pay for all this?

However, that is a question you tend to get asked on various occasions these days. Just imagine the € 1.8 trillion European Central Bank emergency bond purchase program. Add to this the € 1.8 trillion package of financial assistance the EU agreed earlier this month after tough negotiations.

Soon the shopping streets in Germany will be filling up again like the ones here in Brunswick, Lower Saxony

The shopping streets of Germany will be filling up like they were here in 2017

At the start of this summer, global aid packages totaled at least $ 15 trillion, sending global debt levels rising at a lightning fast pace. According to the Institute of International Finance, a banking lobby association, global debt equals $ 275 trillion, including corporate and lender liabilities. In comparison, Germany’s economic output in 2019 was $ 4.2 trillion.

Back to a balanced budget

Of course, we are talking about a confusing figure. But are there really any alternatives? Don’t forget that during the Great Depression of the 1930’s, banks and governments withheld financial aid, triggering catastrophic consequences.

It’s different today. During the Asian crisis towards the end of the 1990s and in the years following the global financial crisis in 2008, comprehensive assistance packages were initiated to prevent capital flows from drying out.

Of course, the money has to flow back into the state treasury at some stage. A brief retrospect shows us that after the global financial crisis, the German economy expanded for almost a decade, increasing state revenues through tax revenues.

That revenue increase – coupled with a policy of frugal economic management – has allowed Germany’s finance minister to unleash a huge weapon in the current pandemic. It’s time to correct a misconception that the author of this article himself once considered an outright opponent of the balanced budget policy. Experience tells me that saving something for a rainy day when the economy is booming makes sense and is not a bad recipe for preparing for the future.

Will things get better next year? I believe so. That the first COVID-19 vaccine has been allowed, which means the pandemic will be less terrifying in the future. People will be able and want to travel again and buy cars.

This year, Germans spent between € 70 billion and € 100 billion less than in typical years. It is hoped that the money will soon flow back into consumption and boost the economy.

Some of the dents will remain

Exports are expected to increase rapidly. If the global economy does grow by the 4.2% next year as the OECD predicts, some of that growth will inevitably be generated in the German engineering and automotive sectors and some other industries.

As the company has reduced investment over the past two years, there is much to be done. And don’t forget that billions of various government aid programs have to be spent on a number of infrastructure projects including the expansion of fiber-optic high-speed internet, upgrading of road and rail networks, and digitization.

Of course, not everything will be bright. Not everyone in the hospitality sector and not every small shop owner will survive the pandemic. The number of companies going bankrupt will increase sharply after special interim regulations to prevent bankruptcies end.

Many companies do now survived only because of government assistance will definitely drown. Let’s hope that as few people as possible will lose their jobs – and soon find work elsewhere.

After all, 2020 is a unique year by many standards, and next year will be no less exciting, but hopefully a year with an even better ending.

.



image source

The outlook for the German economy is up, remains weak | Instant News


FRANKFURT, Germany (AP) – Business optimism in Germany picked up somewhat in December but remains at a depressed level as the pandemic continues to hit Europe’s largest economy.

The closely watched Ifo index rose to 92.1 points from 90.9 but remained below 92.5 from October. Manufacturing optimism has risen sharply, while service companies that rely on personal contacts such as tour operators, hotels and the performing arts are suffering losses. The prospects among companies surveyed in the fields of logistics, transportation and real estate are increasing.

Manufacturing continues to fare better amid restrictions and avoidance of interpersonal activity because it relies less on face-to-face contact, and because demand from China has helped support Germany’s export-oriented economy.

The European economy experienced a strong rebound in the fall but an increase in new coronavirus infections has led economists to predict that the last three months of 2020 will experience contraction.

Some of the survey responses from businesses may have been gathered before the announcement of the new, stricter lockdown on Sunday. The government ordered the closure of schools and retail businesses and non-essential personal services.

“Interpreting today’s Ifo index is not easy as it is possible to fill out the survey before and after last Sunday’s announcement of the tight state lockdown,” said Carsten Brzeski, head of global macro research at ING bank. “Therefore, the higher the Ifo reading might tell us more about news and vaccine launches, than any new lockdown measures.”

The Ifo index is what economists call a leading indicator, which means it provides clues to where the economy is headed in the months ahead.

.



image source

Australia plans major spending pandemic measures, record debt | World | Instant News


CANBERRA, Australia (AP) – The Australian government will Tuesday unveil a major spending financial blueprint for the next few years that will boost business investment and job creation while repairing the pandemic’s damage to the economy, the treasury said.

The government is also expected to add to its record debt for the current fiscal year ending June 30, 2021, Treasurer Josh Frydenberg told reporters.

“I will explain our economic recovery plan to rebuild the Australian economy and secure Australia’s future,” he told reporters.

The budget plan that was usually delivered in May was postponed this year due to the economic uncertainty created by the coronavirus pandemic. It is estimated that the COVID-19 vaccine will be available next calendar year.

“Our plan will create jobs. Our plans will create opportunities. Our plan will encourage investment. Our plan will grow the economy and ensure the essential services Australians rely on, ”said Frydenberg.

The annual budget is expected to contain wage subsidies to return unemployed young Australians to work. The government also hopes to advance planned income tax cuts.

“It rewards effort, encourages the strength of aspiration, but it also encourages and leads to greater economic activity because people with tax breaks spend more,” said Frydenberg.

.



image source