To help clients understand and mitigate the macroeconomic consequences of the COVID-19, RIMES provides forecast data from its long-standing partner Consensus Economics. The research data, which is available to consume in a feed-ready format through the RIMES Managed Data Services (MDS), includes forecasts of the likely impact of the economic slowdown caused by the pandemic on GDP, inflation, interest rates and exchange rates for 2020 and 2021 as well as implications for government budgets.
The data helps research, quant, risk and investment teams at financial sector firms make the right strategic, risk and investment decisions in the months ahead. To ensure the data is up-to-date and accurate, Consensus Economics closely monitors the ongoing economic situation and updates its forecasts accordingly. RIMES formats and validates the data so it is ready for immediate use in clients’ operational systems.
Consensus Economics’ forecasts reflecting the impact of COVID-19 suggest that over 2020 there will be a substantial increase in fiscal deficits worldwide. USA and European countries will experience the largest deficit growth. However, the research also predicts that GDP growth will recover somewhat later this year and into 2021. This will relieve some of the strains on fiscal policy and more generally improve government finances. As a result, fiscal deficits will likely shrink in 2021.
Patrick Walsh, Global Head of Content Management at RIMES, commented: “In these uncertain times financial sector firms need all the data they can to plan effectively for the future. Consensus Economics’ is widely recognized as the go-to source of timely and accurate macroeconomic forecast data and its new forecasts around COVID-19 will of huge benefit to clients as they look to minimize risk and make the right investment and planning decisions for their firms.”
Philip Hubbard, Director, added: “Our clients want fast access to accurate forecasts that can help the navigate uncertainty. RIMES adds real value in this respect as its takes on the complex and time-consuming tasks of onboarding, normalizing and streamlining the provision of our data. That means clients can focus on applying our forecasts to decisioning rather than getting bogged down in data management processes. This timeliness is vital in volatile economic conditions such as those we are currently experiencing.”
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