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Jeddah - Yasmine El Tohamy - Despite a rise in COVID-19 cases, China is planning to uplift consumption during the holiday season, the country’s National Development and Reform Commission said.
China will still maintain pandemic control, yet its effect would be mitigated through the fine-tuning of those regulations to each area, Bloomberg reported.
The commission also called on e-commerce vendors and online entertainment channels to introduce more sales promotions during the season.
South Korea Interest Rates
In a bid to combat inflation, the Bank of Korea decided to raise its interest by 0.25 percent to the pre-pandemic level of 1.25 percent.
The bank also signaled that further hikes would take place in the remainder of the year, according to The Wall Street Journal. The country’s annual inflation rate reached 3.7 percent in December, noticeably above the central bank’s target of 2 percent.
Inflation is set to remain above the 3 percent mark for a while and would average more than 2.5 percent for the full year, the bank’s governor, Lee Ju-yeol, said.
German GDP growth
German gross domestic product rose by 2.7 percent in 2021 compared to 2020, according to first calculations by the Federal Statistical Office (Destatis).
“Economic development has been largely dependent on the infection rates of Covid-19 and associated preventive measures also in 2021,” said Dr. Georg Thiel, head of the Federal Statistical Office, at the press conference on the 2021 GDP in Wiesbaden.
“Despite the continuing pandemic situation, more delivery bottlenecks and material shortages, the German economy has managed to recover from the sharp decline last year, even though the economic performance has not yet reached the pre-crisis level agai,” Thiel continued.
Moreover, GDP in 2021 was still 2.0 percent lower than it was in 2019 the year before COVID-19 started.
Britain's economy grew 0.9 percent faster than expected in November, before the latest wave of coronavirus infections and restrictions on many businesses, and was 0.7 percent larger than it was in February 2020, according to the Office for National Statistics.
“It's amazing to see the size of the economy back to pre-pandemic levels in November – a testament to the grit and determination of the British people,” finance minister Rishi Sunak said.
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