The Organisation for Economic Cooperation and Development (OECD) increased their forecasts on expected growth of the global economy to 5.6% in 2021, and 4.0% in 2022. This is a significant increase compared to their last analysis in December, where global economic growth was projected to be 4.2% in 2021, and 3.7% in 2022. The adjustment of the rates is due to the increased speed up of COVID-19 vaccines rollouts in several countries, and a huge new stimulus package announced by the United States.
The International Institute of Finance reports that investment in emerging markets declined by USD 20 billion in early March since the beginning of the year. This was accompanied by a decline of almost 10% in the MSCI Emerging Market Index last week, which is known as a leading indicator of emerging markets. On Tuesday, the index rebounded due to a run on Russian stocks. However, the optimism surrounding emerging markets in 2020 appears to have eased as this is the first drop in demand since August of last year.
The Netherlands ranks fourth in the list of tax havens, after Bermuda, the Cayman Islands and the British Virgin Islands, Tax Justice Network reports. The Netherlands owes this high ranking to its favourable tax policy for companies. The Tax Justice Network analysis shows that this is mainly due to the possibility to reduce tax through royalties and informal capital.
The 6M Euribor decreased with 1 basis point to -0.52% compared to previous business day. The 10Y Swap decreased with 2 basis points to 0.03% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
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