Wells Fargo economists maintained their projection that the global economy would grow by 2.7 per cent this year despite recent tensions between Israel and Iran. “While new confrontation marked a major geopolitical flashpoint in the Middle East and globally, we do not expect any global economic disruptions from the conflict and maintain our view that global growth prospects are improving,” economists Brendan McKenna and Azhin Abdulkarim wrote in a note to clients. Under their base case scenario in which the fragile ceasefire between Israel and Iran holds, Wells Fargo forecasts the US dollar to moderately depreciate until the end of the year, driven by improved risk sentiment and more attractive growth.
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