International economy making swift recovery from COVID-19 crisis, but there’s still some way to go
JulkaisusarjaBank of Finland. Bulletin
JulkaisijaBank of Finland
Julkaisun pysyvä osoite onhttps://urn.fi/URN:NBN:fi:bof-202111092080
The international economy is recovering from the COVID-19 crisis. Recovery is underpinned by the rising vaccination coverage and accommodative monetary policies. The steep contraction in the international economy last year is now giving way to growth of 6% for 2021. In the euro area, the economy will close the COVID-19 gap by the end of the year, posting growth of 5% for 2021. The euro area’s recovery is nevertheless still in progress and remains reliant on economic policy support. Furthermore, the Delta variant of coronavirus brings uncertainty to the euro area’s short-term outlook. As the vaccination coverage increases and restrictive measures become more targeted, the spread of the virus presents a lower health risk and the economic impacts will become less significant than before. Nevertheless, for some time to come the outlook will be overshadowed by the low vaccination coverage in developing countries and the threat of new variants of the virus.
The accessible version: https://www.bofbulletin.fi/en/2021/4/international-economy-making-swift-recovery-from-covid-19-crisis-but-theres-still-some-way-to-go/