Analysts expect a strong global economic recovery in the second half of 2021
According to GlobalData’s proprietary COVID-19 Economic Recovery Scorecard, 6 of the top 10 countries leading in post-COVID recovery are in Asia as of March 2021. Singapore ranked first in the recovery scorecard rank, followed by China, South Korea, Malaysia, and Japan.
Meanwhile, Middle Eastern countries such as the UAE and Saudi Arabia performed low. These countries may take time to recover due to lower incomes amid fluctuating oil prices. European countries such as Italy, the Netherlands, and France are still susceptible to renewed COVID-19 cases.
The data found that the UK economic recovery may be delayed in the first half of 2021 due to ongoing COVID-19 restrictions and the spread of a new virus variant. The pandemic has resulted in a drop in the country’s total production by nearly 10.9% in 2020.
The US economy faced severe supply disruptions in the manufacturing sector amid a surge in global demand for new orders. With optimistic business outlooks in March 2021, the US manufacturing sector is expected to contribute to the economic recovery in the second half of 2021. Meantime, the trade war between the US and China, increasing income gaps, and acquiring vaccination doses creates risks to the recovery of the economy
Vaccine uptake remains uneven in emerging market economies, It may be due to vaccine shortages or introduction problems. The largest economies face a variety of challenges, and this could slow the growth rate of countries like Russia, which is subject to EU sanctions. At the same time, Turkey faces balance of payments monetary policy challenges.
We’ve reported that Amazon will cover the COVID-19 vaccine cost in India.