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- ECONOMIC IMPACT -
Latest update: 16 February
According to the National Bureau of Statistics, China’s GDP expanded by 8.1% to reach $17.7tn in 2021, whereas the EU’s GDP expanded by 5.2% to reach $17tn during the same year.
According to the IMF, global economic growth is will slow down to 4.4% in 2022, compared to 5.9% in 2021. The real GDP growth rate of the advanced economies has been projected at 3.9% in 2022.
The unemployment rate in OECD nations stood at 5.4% in December 2021, compared to 5.5% in November 2021.
The unemployment rate in the Euro area stood at 7% in December, a marginal decline from 7.1% in November.
- SECTOR IMPACT: shipping and travel -
Latest update: 2 February
shipping crisis hits home
5.5% of all ocean capacity is currently waiting outside a port, according to Lloyd's Loading List.
The price of a 40-foot container routed from Asia to Northern Europe increased by 350% in 2021.
Omicron threatens to exacerbate inflation and supply chain issues
The Organization for Economic Co-operation and Development (OECD) has indicated that policymakers should fast-track Covid-19 vaccinations to curb the spread of the new Omicron variant.
The OECD is particularly concerned that the spread of the virus will exacerbate the existing supply-and-demand imbalances that are impacting the global economy, which in turn will risk further fuelling inflation and provide an additional risk to the global economic recovery.
The OECD has already increased its global inflation forecast in September, with a new warning that central banks should be more aware of the risk of persistent inflationary pressures.
Travel & Tourism impact