Global manufacturing output has recovered from the initial shock of the Coronarvirus (COVID-19) pandemic, although supply chain disruptions and rising prices continue to weigh on companies. Moreover, transportation problems are expected to extend well into 2022 and hinder the performance of the manufacturing sector. To better shield from similar risks in the future, manufacturing companies are investing in digital tools. Production digitisation is anticipated to make supply chains more flexible, improve productivity and expand sales networks.
The global economic outlook for 2021 has worsened moderately since mid-2021, offset by slightly more optimistic recovery forecasts for 2022. Global real GDP is now forecast to increase by 5.7% in 2021 (a 0.2 percentage point downgrade since July 2021), and by 4.8% in 2022 (a 0.2 percentage point improvement relative to the July 2021 forecast). Since July, real GDP growth forecasts for 2021 have been significantly downgraded for the US, Canada, China, India, and other Asia Pacific economies, such as Indonesia and Australia.
Since the Global Financial Crisis in 2008, the global economy has experienced some slowdowns and shifts in trade and investment flows, driven mainly by a wave of new technologies, changing global economic power and public concerns. Now Coronavirus (COVID-19) has turbocharged a globalisation reset, revealing the fragility of global connectivity, and prompting countries and businesses to rethink their trade, investment and operation policies. Understanding the forces shifting the global landscape and how globalisation is transforming will help business and investors prepare for the next phase of globalisation and the opportunities and challenges it will present.
Even as more countries are expected to have recovered from the Coronavirus (COVID-19) pandemic in Q3 2021, the momentum of the recovery is likely to have peaked, due to the spread of the highly contagious Delta Coronavirus variant, slowdown in vaccination campaigns in advanced economies and low vaccination rates in developing countries.
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