Eurozone - 1Q 2021 GDP (2nd estimate)
09/06/2021 02:44 pm MYT
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In the second estimate, Eurozone’s real GDP growth for 1Q 2021 was revised upwards to -0.3% on a quarter-on-quarter basis (figure 1). The growth rates for Germany and France were revised downwards, while an upward revision was observed in Italy (table 1).
 

The contraction in real GDP was mainly due to a 2.3% fall in private consumption (table 2). Year-on-year, real GDP contracted by 1.3%.

 



 



 

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This week, the Yang Di-Pertuan Agong aka Malaysia’s king met with the leaders of the country’s major political parties. While the agenda of the meetings was unknown, it is believed to concern the country's current affairs, especially the Covid-19 pandemic and the state of emergency. After two weeks of total lockdown, the Covid-19 situation in the country has improved but only slightly - not enough to justify a loosening of restrictions. Vaccination remains agonisingly slow, with less than 10% of the population having received the jab. The people’s livelihoods continue to teeter on the edge of ruin. Politicians are losing their cool and acting rashly to get parliament to reopen so they can topple the existing government. Malaysia is set for turbulent times in the months ahead no matter how the Covid-19 situation unravels.

Meanwhile, in countries that have made great progress in their vaccination efforts, lives are quickly returning to normal. While this provides hope that the Covid-19 pandemic will be over within a year or so, the rich-poor divide is getting wider by the day. The poorer countries of the Global South, unable to get hold of vaccines, will be left further behind, deliberately kept in a state of vulnerability and dependency on the Global North. Sadly, little has changed about humanity despite the trials and tribulations it has undergone since the last pandemic in 1918.
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