COVID-19 Executive Briefing March 2022
Daily confirmed cases in the US has been declining considerably since the end of January 2022. The US and Israel are seeing a decrease in hospitalizations due to the Omicron varient, driven by vaccines and natural immunity.
Major economies have staged imbalanced quarterly growth in 2021. The global economy is expected to be hindered in 2022 due to the Russia-Ukraine war and the high level of the inflation rate. India and Ireland are on their way to becoming the fastest-growing major economies in the world in 2022.
Alo according to OECD, the unemployment rate in OECD nations stood at 5.3% in January 2022, unchanged from the previous month. The unemployment rate among G7 nations increased slightly to 4.4% in January 2022 from 4.3% in December 2021.
Key findings discussed in the report include:
- Infection rates continue to rise: The United States continues to report the highest number of total confirmed cases globally
- Testing statistics by country: Germany reported the highest rates of new cases among the top 10 infected countries. Rates of new cases in France have declined. Deaths in the US and the UK are the highest
- COVID-19 vaccine: Pfizer/BioNTech leads in overall approvals for COVID-19 vaccines within top economies. China leads in the number of COVID-19 vaccinations
- Economic impact: China leads the top economies in percent of the population that received one and two doses of vaccine. Gibraltar leads in fully vaccinating the largest percentage of its population but the herd immunity threshold needs to be re-evaluated
- Economic recovery across major nations: The US economic growth forecast for 2022 has been revised downward. Institute of International Finance projects Russia's real GDP to contract in 2022
- Business optimism and future of work: Asian nations top GlobalData’s COVID-19 economic recovery scorecard. After a strong post-COVID-19 economic rebound recorded in 2021, the global growth is projected to decelerate markedly in 2022
- Sectoral impact: At-home food and beverage consumption remain elevated as consumers continue to stay at home more so than before the pandemic. Foodservice operators continue to gradually recover from the impacts of 2020
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