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Jul 7 2020, 07:50 IST/BST
The acceleration in falling jobless claimants is encouraging, showing the third phase of the re-opening of the economy feeding into job gains in hotels and food services. Meanwhile, the damage to GDP in Q2 2020 looks smaller than expected, showing the multinational sector is still resilient, protecting aggregate GDP. Hence, we expect to revise up our GDP forecast to a mid/high- single-digit contraction in 2020 from -10.3% currently.