. The IMF estimates that rich-world budget deficits will average 11% of GDP in 2020, even with no lockdowns in the second half of the year. Debt could climb from 105% to 120% of GDP. The good news is that interest rates are ultra-low, making debt-servicing cheap, and markets expect them to stay that way. Even so,lie ahead.
With the contract’s expiry imminent, traders owning oil to be delivered to Cushing, Oklahoma, realised that Cushing might have no space to store it. The price of the June WTI contract remained in positive territory; ditto Brent, the international benchmark, which is less prone to storage problems. But both remain nonetheless crushed by the covid-induced collapse of demand. Recent production cuts agreed on by OPEC and its allies have failed to halt the rout.
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