OECD raises growth forecasts on vaccine rollouts, U.S. stimulus

Barges sit at anchor on the Hudson River as sunset falls on the skyline of the west side of Manhattan in New York City, New York, U.S., December 1, 2020. REUTERS/Mike Segar

The global economic outlook is improving as vaccine rollouts allow businesses to resume operations and as the United States pumps trillions of dollars into the world’s largest economy, the OECD said on Monday, nudging its forecasts higher.

The global economy is set to grow 5.8% this year and 4.4% next year, the Organisation for Economic Cooperation and Development said, raising its estimates from 5.6% and 4.0% respectively in its last forecasts released in March.

The global economy has now returned to pre-pandemic activity levels, but has not yet achieved the growth expected prior to the global health crisis, the OECD said in its latest Economic Outlook publication.

“The world economy is currently navigating towards the recovery, with lots

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CBRE: Vaccines, Stimulus Spur Second-Half 2021 U.S. Hotel Forecast

The continued rollout of Covid-19 vaccinations coupled with additional stimulus funds have accelerated the projected occupancy level for U.S. hotels for the second half of 2021, according to CBRE Hotels Research’s February 2021 Hotel Horizons report, released Tuesday. CBRE forecasts a 55.1 percent occupancy level for the latter half of 2021, up from an anticipated 43 percent in the first half of the year. Full-year occupancy is expected to reach 49.1 percent compared with 41.7 percent for 2020 and 67 percent for 2019.

“Since we developed our February 2021 forecast, the pace of vaccination distribution has topped 2 million a day, more than we originally foresaw,” said CBRE Hotels Research senior hotel economist Bram Gallagher in a statement. “In addition, the recent $1.9 trillion Covid package should boost lodging demand, while providing hotel owners with much-needed financial assistance. The combination of these factors solidifies our improved outlook for the second

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GOP Senator Pat Toomey’s Last-Minute Add to Stimulus Bill Helps His Wall Street Donors

Stimulus check
U.S. President Donald Trump’s name appears on the coronavirus economic assistance checks that were sent to citizens across the country April 29, 2020 in Washington, DC.
Chip Somodevilla/Getty Images

Pennsylvania Republican Senator Pat Toomey’s effort to wind down emergency low-interest lending programs for small businesses and state and local governments removes a major long-term business threat to his largest campaign contributors as he looks ahead to a career outside the U.S. Senate, according to campaign finance data reviewed by The Daily Poster.

On Thursday, Toomey threatened to blow up coronavirus stimulus legislation by demanding that the bill remove authorization for the Federal Reserve programs designed to provide low interest loans to small businesses and governments. Toomey criticized the programs for moving the central bank from a lender of “last resort” to a lender of “first resort”—and he is pushing for proposed language in the final bill that would compel the

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Business, labor groups urge G20 to close “stimulus gap” in COVID-19 crisis

By Andrea Shalal

WASHINGTON, Oct 7 (Reuters) – The Group of 20 nations must offer poorer countries a longer freeze in debt payments and other help to protect the global economy from long-term scarring inflicted by the COVID-19 pandemic, leading business and labor groups said.

Warning of job losses, increasing poverty, rising child mortality and high business failure rates in poorer countries, the groups urged G20 finance ministers, who will meet by teleconference next week, to take immediate action.

“The required contribution from the world’s leading economies is minute compared to the social and economic costs of inaction,” the International Chamber of Commerce, the International Trade Union Confederation, and Global Citizen, a group pushing to end extreme poverty by 2030, said in an open letter.

The G20’s freeze in official bilateral debt payments for the poorest countries should be extended through to end-April 2022 and broadened to include lower-middle and

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