Regional Sector Performance Snapshots

In addition to interventions made by individual EU states to their own economies, EU leaders agreed a deal for a EUR 750 billion EU recovery fund to help EU countries recover from the economic effects of the pandemic. Eurozone GDP is expected to rebound by about 4% in 2021 after a 6.8% contracction in 2020.

As the vaccine rollout continues, UK economic activity is slowly returning to normal. The economy is forecast to rebound by about 8% in 2021 after a 9.8% contracion last year.
 

 

 

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In 2020 Russia was hit by a double shock: the economic cost of lockdown measures combined with low oil prices and a commitment to cut oil output. In 2021 the economiy is expected to grow 2.5%, supported by higher oil prices and social spending.

Turkey was able to avoid a recession in 2020, and the economy is expected to expand by about 5% in 2021. However, currency volatility and high inflation weigh on growth prospects.

 

 

 

The Chinese economy was severely hit by the pandemic in Q1 of 2020, but has rebounded strongly since then. GDP regained its pre-pandmic levels already last year, and is forecast to grow by almost 9% in 2021.

The Japanese economy is expected to rebound by about 2% in 2021, after a 4.7% contraction last year. While exports are strongly recovering, private consumption spending remains muted.

While the second wave of the pandemic has hit India hard, the economic recovery is expected to gain momentum in H2 of 2021, and GDP is expected to increase by about 9% this year.

 

 

After a 3.5% contraction in 2020, the US economy is forecast to rebound by more than 7% in 2021, as domestic demand is supported by large stimulus measures. Consumer spending is recovering quickly on the back of direct fiscal transfers and extended unemployment benefits.

Mexico witnessed a deep recession in 2020, with a GDP contraction of more 8.5%. The automobile sector (Mexico’s leading source of exports) suffered a sharp decline in demand, combined with supply chain disruptions. In 2021 the economy is forecast to rebound by 6%.