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ECONOMY |
EXPECTED
Strong rebound from 2020’s low base
- GDP growth resumed in most major economies in H1 2021
- Momentum is being hampered by the resurgence in COVID-19 cases
Companies resume hiring
- Hiring intentions have turned positive as companies relax their hiring freeze
- Unemployment is expected to peak this year
- Vaccination rates are accelerating across the region
- But emerging Asia is struggling to secure supplies
UNEXPECTED
Delta variant disrupts the recovery
- While COVID-19 infection rates stabilised at the beginning of the year, cases began to rise again in April along with the spread of the more contagious delta variant
- India and Southeast Asia have been hardest hit, while other markets including Taiwan, Australia, Singapore and mainland China, which had previously succeeded in containing the virus, were forced to reintroduce restrictions
Reopening vs Reclosing
- The latest wave of infections has seen the reintroduction of new restrictions on business and social activity
- Cross-border business will remain closed for longer
