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Key points:

  • Growth in the US could slow slightly in the second half of the year after a strong second quarter.
  • Data suggests the euro area is experiencing a bounce-back from its double-dip recession as pandemic restrictions ease.
  • The four-week delay to full economic reopening in the UK does not materially affect Vanguard’s full-year growth forecast of around 7%.
  • Vanguard has cut its full-year growth forecast for China from 9% to just above 8.5% due to a slower-than-expected economic rebalancing.

For Professionals: Vanguard economic and market update

For your clients: Vanguard economic update

IMPORTANT INFORMATION

For professional investors only (as defined under the MiFID II Directive) investing for their own account (including management companies (fund of funds) and professional clients investing on behalf of their discretionary clients). In Switzerland, this document is directed at professional investors and should not be distributed to, or relied upon by retail investors.

The material contained in this document is not to be regarded as an offer to buy or sell or the solicitation of any offer to buy or sell securities in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. The information in this document does not constitute legal, tax, or investment advice. You must not, therefore, rely on the content of this document when making any investment decisions.

The material contained in this document is for educational purposes only and is not a recommendation or solicitation to buy or sell investments.

Issued by Vanguard Asset Management, Limited which is authorised and regulated in the UK by the Financial Conduct Authority. Issued by Vanguard Investments Switzerland GmbH.

© 2021 Vanguard Asset Management, Limited. All rights reserved.

© 2021 Vanguard Investments Switzerland GmbH. All rights reserved.