In the latest survey, CFOs gave an average outlook of “Stable” for China’s GDP, while seeing the U.S. economy as “Modestly Declining.” Around the world, GDP outlook was generally improved from the second quarter survey, when no region was seen as stable. This quarter, along with China, the council upgraded the rest of Asia and the Eurozone from “Modestly Declining” to “Stable.” Latin America went from “Strongly Declining” to “Modestly Declining”. But the U.S. economy was seen as “modestly declining” for the second straight quarter.
The outlook echoes reports that China’s economy is rebounding as life there starts to look more and more like it did before the pandemic. In July, China said its economy grew 3.2% in the second quarter. The U.S. economy decreased at an annualized rate of 32.9% in the same quarter, the worst single-quarter decline in history.
China’s bounceback comes as the country deals with the double-whammy of the pandemic and heightened tensions with the United States over trade, technology and geopolitics. It has been spurred by ramped up government stimulus to combat the coronavirus-led downturn.
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