Brazil is expected to witness growth during 2020
According to GlobalData, credit card balance growth is forecasted to remain at 7.8% in 2020, although 2021 will bring higher growth rates.
Along with that, mortgage loan balances will see the biggest drop off in growth, to just 2.8% in 2020, meanwhile many countries are seeing significant declines in this category. The report forecasts growth of 13.5%, compared to 5.8% previously in 2021, in this category.
At the same time, the decline in consumer confidence will cause a short-term drop in demand for loans and taking on any debt. However, safer retail deposits will rise. By the end of 2020 deposit holdings are forecasted to boost by 14.4%.
We’ve reported that real GDP growth of major economies such as the US, Eurozone, Russia, South Korea, and Australia is expected to drop sharply this year. Nevertheless, most economies are forecasted to face a V-shaped recovery of GDP growth in 2021.