Annual Report of the State Administration of Foreign Exchange (2021)
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Global Economy and Financial Market Review
The global economy recovered strongly
In 2021, the global economy grew strongly, driven by effective vaccination and proactive fiscal stimulus. The global economic growth rate calculated by the International Monetary Fund (IMF) was 5.9 percent, a sharp rebound of 9 percentage points from 2020. In particular, the U.S. economy expanded by 5.6 percent over 2021, up by 9 percentage points from 2020. The economic growth rate in the Eurozone, Japan, and emerging markets all rebounded substantially.
Repeated outbreaks of the COVID-19 pandemic occurred globally
The COVID-19 pandemic resurged in March, July, and November along with the reopening of the economy and the emergence of new mutant strains. The cumulative number of confirmed cases in the world surpassed 280 million by the end of 2021, and the average number of newly confirmed cases per day exceeded 1.85 million. Specifically, the cumulative number of confirmed cases in the U.S. and Europe reached 54.5 million and 88.63 million, respectively. The cumulative number of confirmed cases in emerging markets was over 140 million.
The vaccination rollouts were generally optimistic
By the end of 2021, the number of fully vaccinated people in the world reached 3.9 billion, accounting for 49 percent of the total population. In particular, in the U.S., the European Union (Eu) and Japan, the fully vaccinated people accounted for 62 percent, 69 percent and 78 percent of the total population, respectively. Booster vaccinations were also introduced, and 7 percent of the world’s total population received booster does. Looking forward, the vaccination of booster does in 2022 is expected to accelerate.