It’s almost two years since the start of the global Covid-19 pandemic and economies around the world are rebounding.
Investment in infrastructure and manufacturing output are predicted to rise this year – just two of the factors that will help economies grow.
India’s economy is set to grow faster than any other large nation’s, thanks to a raft of government initiatives unveiled in Budget 2022-23, according to the Finance Ministry’s Monthly Economic Review. As well as manufacturing and construction being ‘growth drivers’, agriculture will continue to diversify, strengthening food buffers and benefiting farmers. India is the only major country listed by the International Monetary Fund (IMF) whose economic growth projection has been revised upwards for 2022-23.
Another major economy experiencing growth in 2022 is China. President of the China Chief Economist Forum Lian Ping forecast that retail sales of consumer goods are expected to return to the pre-Covid levels, and the country will also see growth in auto sales. Overall consumption is expected to grow by 7% year-on-year in China during 2022.
This year will also be a pivotal one in Malaysia’s recovery from the pandemic, offering a rare opportunity to reform and future-proof, according to Malaysia Finance Minister Tengku Zafrul Aziz.
Speaking at the launch of the Financial Sector Blueprint 2022 to 2026 (FSB) at MyFintech Week 2022, he said the upcoming year will be critical for the financial sector to navigate the oncoming challenges and opportunities – in turn, complementing the 12th Malaysia Plan (12MP). His overall message was that it’s time for the financial sector to collaborate with the government in building back better and ensure businesses become more resilient to financial shocks.
Elsewhere, the economic recovery in the United Arab Emirates is also gathering momentum due to the country’s swift response to the Covid-19 pandemic, as well as several policies which are boosting the rebound in tourism. High fuel prices have also helped the Arab world’s second largest economy to grow.