Despite an increase in COVID-19 cases, China plans to increase its consumption during the holiday season, the country’s National Development and Reform Commission has said.
China will still maintain control of the pandemic, but its effect would be mitigated by adjusting these regulations to each area, Bloomberg reported.
The commission also called on e-commerce sellers and online entertainment channels to introduce more sales promotions during the season.
Interest rates in South Korea
In a bid to fight inflation, the Bank of Korea decided to raise its interest rate by 0.25% to the pre-pandemic level of 1.25%.
The bank also signaled that further increases would take place in the rest of the year, according to the Wall Street Journal. The country’s annual inflation rate hit 3.7% in December, well above the central bank’s 2% target.
Inflation is expected to stay above 3% for some time and average more than 2.5% for the year as a whole, bank governor Lee Ju said. -yeol.
German GDP growth
German gross domestic product increased by 2.7% in 2021 compared to 2020, according to initial calculations by the Federal Statistical Office (Destatis).
“Economic development has been largely dependent on Covid-19 infection rates and associated preventive measures also in 2021,” said Dr Georg Thiel, head of the Federal Statistical Office, at the press conference. on GDP 2021 in Wiesbaden.
“Despite the persistence of the pandemic situation, more bottlenecks in deliveries and shortages of materials, the German economy managed to recover from last year’s sharp decline, even if economic performance did not have not yet reached the pre-crisis level,” continued Thiel.
Additionally, GDP in 2021 was still 2.0% lower than it was in 2019, the year before COVID-19 began.
Britain’s economy grew 0.9% faster than expected in November, before the latest wave of coronavirus infections and restrictions on many businesses, and was 0.7% higher than it was in February 2020, according to the Office for National Statistics.
“It’s amazing to see the size of the economy return to pre-pandemic levels in November – a testament to the courage and determination of the British people,” said Finance Minister Rishi Sunak.