The FINANCIAL 15 March, 2021 by The FINANCIAL

Long-term unemployment has risen sharply in U.S. amid the pandemic, especially among Asian Americans

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Heating of buildings decreasing, cooling increasing

79% of the heating needs were required in 2020. Heating degree days and cooling degree days are weather-based technical indexes designed to describe the energy requirements of buildings in terms of heating or cooling. Continued on p. 10

Devastatingly pervasive: 1 in 3 women globally experience violence

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US Falls Behind Canada as a Work Destination, and Pandemic Lowers Mobility, in Global Workforce Study

remained largely unchanged over the past decade. This violence starts early: 1 in 4 young women (aged 1524 years) who have been in a relationship will have already experienced violence by an intimate partner by the time they reach their mid-twenties. Continued on p. 6

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Three quarters of CEOs predict a return to growth in 2021 The FINANCIAL

ne year after COVID-19 was declared a pandemic, CEOs are voicing record levels of optimism in the global economic recovery, with

76% of global business leaders predicting that economic growth will improve in 2021. The percentage of CEOs expressing confidence in growth is up from 22% in 2020 and 42% in 2019, representing the highest level of optimism since the survey started asking this question in 2012.

The figures come from PwC’s 24th Annual Global CEO Survey, which this year polled 5,050 CEOs in 100 countries and territories over January and February 2021. Continued on p. 2

The need for speed: faster vaccine rollout critical to stronger recovery The FINANCIAL

global economic recovery is in sight but a faster and more effective vaccination

rollout across the world is critical, while respecting necessary health and social distancing measures, according to the OECD’s latest Interim Economic Outlook. Activity in many sectors has picked up and adapted to pan-

demic restrictions over recent months. Vaccine deployment, although uneven, is finally gaining momentum and government fiscal stimulus... Continued on p. 11

Global Sports Sponsorships Are Shifting East The FINANCIAL

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Three quarters of CEOs predict a return to growth in 2021

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ne year after COVID-19 was declared a pandemic, CEOs are voicing record levels of optimism in the global economic recovery, with 76% of global business leaders predicting that economic growth will improve in 2021. The percentage of CEOs expressing confidence in growth is up from 22% in 2020 and 42% in 2019, representing the highest level of optimism since the survey started asking this question in 2012. The figures come from PwC’s 24th Annual Global CEO Survey, which this year polled 5,050 CEOs in 100 countries and territories over January and February 2021. Optimism among CEOs over global economic growth is particularly strong in North America and Western Europe, with 86% and 76% of CEOs, respectively, from these regions predicting improved global growth in the year ahead. “After a year of human tragedy and extensive economic hardship, it is encouraging to see that the people responsible for making investment decisions and hiring staff are feeling cautiously optimistic about the year ahead. CEOs have faith that growth will return, boosted by the rapid development of vaccines and their rollout in many parts of the world,” said Bob Moritz, Chairman of the PwC Network. “During the tumultuous past year, CEOs have had to rethink and reconfigure what they do and how they do it, while dealing with stretched balance sheets and supporting employees who have been forced to navigate these extraordi-

nary circumstances. “CEOs now face two fundamental challenges: first, how to build trust with a broad range of stakeholders, whose expectations of business are higher than ever before; and second, how to adapt their businesses and deliver sustained outcomes in a rapidly changing external environment. Organisations that get this right will be best placed to come out of the pandemic as strong, resilient and productive businesses, able to withstand future shocks.”

CEO confidence in revenue growth rebounds to the long-term average CEOs are more optimistic about the outlook for their businesses. Some 36% of those polled said they are “very confident” about their organisation’s prospects for revenue growth over the next 12 months, up from 27% of CEOs in 2020. While global confidence is up, there is wide variation across industries, reflecting the varying degrees to which consumer behaviour has been impacted by the pandemic. CEOs in the technology and telecommunications sectors show the highest levels of confidence at 45% and 43%, respectively. Meanwhile, CEOs in the transportation and logistics (29%) and hospitality and leisure (27%) sectors are among the least confident about their ability to grow revenues over the next 12 months.

US extends its with urgency lead over China The percentage of CEOs expressing concerns about climate as the top change has risen from 24% in to 30% in 2021. This repredestination for 2020 sents only a marginal increase in the context of COP26, which is begrowth ing held this year in Glasgow, UK. The survey findings show that the US has extended its lead as the number one market that CEOs are looking to for growth over the next 12 months at 35%, seven percentage points ahead of China at 28%. In 2020, the US was only one percentage point ahead of China. New political developments and existing tensions have had an impact on the views of US CEOs. They are reducing their emphasis on China as a growth driver and increasing their focus on Canada and Mexico; compared to 2020, US CEOs’ interest in the latter two countries rose by 78%. Meanwhile, China CEOs report growing interest in large economies such as the US, Germany and Japan — prime destinations for exports. At 17%, Germany holds on to its number three spot on the list of growth destinations, while the UK, post-Brexit, moves up to number four (11%), surpassing India (8%). Japan also rises up the ranking to become the sixth most attractive growth destination, overtaking Australia which held that position last year.

In the year of COP26, climate change is not being approached

The finding also comes in the context of rising anxiety about nearly all types of threats. Climate change still only ranks ninth among CEOs’ perceived threats to growth. Furthermore, another 27% of CEOs report being “not concerned at all” or “not very concerned” about climate change. This may be because climate change is not seen as an immediate threat to growth compared to other issues such as the pandemic, over-regulation and cyber threats. Meanwhile, 39% of the CEOs polled believe their organisation needs to do more to ‘measure’ their environmental impact. And 43% believe their organisation needs to do more to ‘report’ on it, a greater share than any other disclosure area. This is encouraging as more and better corporate information on environmental impact is key to driving the change needed to get to a net zero economy. However, 60% of CEOs have not yet factored climate risks into their strategic risk management activities, which is concerning as climate change poses increasing physical and transitional risk for business. At a country level, CEOs in countries with high exposure to natural hazards such as India and China are some of the least prepared for climate change risk. While 23% of CEOs plan to

Continued on p. 9

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How does Smart Capital respond to the challenges of the pandemic? The FINANCIAL

MIKHEIL CHKHARTISHVILI, Chairman of Supervisory Board, Smart Capital Group a diversified business environment. Furthermore, the group is constantly evolving and is known as a stable and reliable partner for any investor. “These companies make a significant contribution to the Georgian economy both in terms of employment and taxation. The company Smart Capital employs more than 1000 people and is involved in the development of various sectors. It is this

diversified portfolio that they are developing (and the completely different areas of interest where Smart Capital is investing) that creates the charm of this company and that sets us apart from the others.”, Mikheil Chkhartishvili, Chairman of Supervisory Board, Smart Capital Group told The FINANCIAL. “This diversity of portfolio creates challenges for Smart’s management. It is very difficult when we are

talking about so many companies to maintain equal positive dynamics in all of these companies.”. “The pandemic, like the rest of the world, has been a significant challenge for Smart Capital, and the losses suffered by the financial sector have had a direct impact on its businesses”. “The synergy that our holding has in terms of one business being able to carry the financial burden of a

Global Sports Sponsorships Are Shifting East The FINANCIAL

he disruption and uncertainty that the global COVID-19 pandemic has created has been particularly harrowing for global sports, which is consequently changing the value of sponsorship. Yet as the health crisis remains a notable factor for most businesses and industries around the world, China’s economy was recovering broadly at the end of 2020, and that will bleed into the country’s involvement in sports sponsorships. A new wave of COVID-19 cases has since clouded the country’s economic growth, but Asian economic indicators, including the stock markets, have bounced back more quickly than others after the first vaccine was announced. This has brands looking east as they pivot, adapt and recalibrate their business and marketing models to meet the changing needs of consumers. Global economies will recover at different rates, but the World Bank expects

China’s economy to expand by nearly 8% this year, and this will affect where sports sponsorships come from as well as their values. In fact, an analysis of data from Nielsen Sports Sponsorglobe found that Chinese brands will be responsible for one-third of all growth in the global sponsorship market over the next decade. The global sponsorship market will also diversify from an industry involvement perspective. By 2025, payment solutions and money transfer providers will account for 16% of the sponsorship value that comes from global financial services. The shift isn’t surprising, given the shift in consumer behavior away from traditional banking. As a result, non-traditional business models will begin to emerge in this established sponsorship sector. We see a similar shift in the travel and delivery sectors, as brands like Airbnb and Takeaway. com have already challenged the traditional sponsorship model—and new categories will continue to materialize. And while the move from physical to digital for catego-

ries like fashion and clothing could help shape the future of sponsorships, few sponsorship shifts have been as notable as what we’ve seen in the esports realm. Importantly, a recent Nielsen Sports analysis found that sponsorship revenue from esports could reach $842 million by 2025. In addition to filling some of the void of live sports in mid-2020, esports represents the opportunity to connect with new and young audiences. Additionally, its online nature safeguards it amid a pandemic environment that is still subject to shortened seasons, cancelled events, fanfree stadiums and sporadic lockdowns. These factors should make esports more attractive to brands looking for robust sponsorship platforms as well as traditional rightsholders looking to unlock brand marketing spend. Understanding the sponsorship investors of the future—who they are, where they come from, and how their changing priorities affect the drivers of ROI—is step one for every rightsholder plotting future development in light of the latest global events.

management style is horizontal; when making any decision we are absolutely reconciled with the team.” As we very well know, the next few years will be full of challenges because of the reality that the pandemic has caused, but the view of Smart Capital is optimistic. “The plan we have allows us to be optimistic. We are working on some very interesting projects that will be implemented in the near future. Our expectations are very positive, however we understand that the next period will be full of challenges, the team with whom we do this work on a daily basis gives us the optimism to say that we will overcome this challenge and further develop our company.” Smart Capital Group unites qualified, development-oriented professionals and successful companies. The company carries out significant investments for the country, alongside creating a diversified business environment. Furthermore, the Group is constantly evolving and is known as a stable and reliable partner for any investor. It is consistently looking for trustworthy investment partners who share the same values and are willing to take on challenges while starting new projects.

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mart Capital Group is a holding company that has been operating on the Georgian market for many years and unites more than 50 active companies operating in different sectors and occupying very important market shares in these different sectors. The success story of Smart Capital Group has begun several decades ago. The company has maintained the reputation of Georgia’s leading private investment groups. The growth and development of the holding started with the creation of new investment directions. Alongside implementing investment projects, the young professional team created various diversified areas, which were modernized. Since then, Smart Capital Group has initiated noteworthy successful projects and companies on the Georgian, British and other international markets. Smart Capital Group unites qualified, development-oriented professionals and successful companies. The company carries out significant investments for the country, alongside creating

company in another holding when it is needed has helped us to not need to make any decision so far to either reduce staff numbers or cancel a particular business.”, Chkhartishvili said. Over the years, Smart Capital Group has made a significant contribution to the consistent progression of the country’s social and economic welfare, while creating a trusting business environment and thousands of new jobs within a healthy environment. “The sectors in which Smart Capital operates are completely different from each other; they are developing such traditional areas such as winemaking, at the same time as investing in modern technologies. Smart Capital has its own production and owns several different factories, simultaneously investing in hospitality. It develops hotels, restaurants, and more. In addition to the Georgian market, Smart Capital also operates on the international market. It has its own offices in Switzerland, in Geneva specifically, as well as in London, Great Britain. Smart Capital works with international financial institutions and international banks.”, Chkhartishvili told The FINANCIAL. “Our management and

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Long-term unemployment has risen sharply in U.S. amid the pandemic, especially among Asian Americans The FINANCIAL

s the U.S. economy copes with the effects of the coronavirus outbreak, a rapidly rising share of unemployed Americans find themselves out of a job despite many months of searching. Even amid signs of improvement in the U.S. labor market overall, about four-in-ten unemployed workers had been out of work for more than six months in February 2021, about double the share in February 2020. At the same time, a growing number of job seekers are becoming discouraged, leaving the labor force entirely, according to a new Pew Research Center analysis of government data. The number of Americans who are out of work and have experienced long-term unemployment – that is, those who have been looking for a job for more than six months – has increased considerably in the year since the start of the COVID-19 recession. By February 2021, 4.1 million Americans were among the long-term unemployed, without work since at least August, making up 2.6% of the workforce overall. The sharp rise in long-term unemployment in the current recession stands in stark contrast to the Great Recession of 2007-09, when it took nearly two years for the longterm unemployment rate to reach similar heights. Job losses during the coronavirus recession have affected some demographic groups more than others, and the rise in long-term unemployment has been greater among Asian American unemployed workers, especially men. Likewise, the ranks of discouraged workers – unemployed workers who are currently not looking for work because they believe no jobs are available for them or there are none for which they qualify – have swelled in recent months. About 529,000 Americans were classified as discouraged workers in February 2021, roughly 100,000 more than the number one year ago. Here are five facts about unemployed Americans who have struggled more than most to return to work. Long-term unemployment rose more sharply among Asian American workers who are unemployed. In the fourth quarter of 2020, nearly half of unemployed Asian work-

ers (46%) had been out of work for more than six months, compared with 21% in the fourth quarter of 2019. Black unemployed workers had the next highest long-term unemployment rate (38%) at the end of 2020, followed by White (35%) and Hispanic (34%) unemployed workers. For these three groups of unemployed workers, the long-term unemployment rate was around 15 percentage points higher than one year earlier. Long-term unemployment is highest, and has risen more sharply, among Asian American workers These patterns differ from the percent of all workers who are unemployed regardless of duration. Black workers (9.8%) had the highest unemployment rate overall in the fourth quarter of 2020, followed

by Hispanic (8.7%), Asian (6.3%) and White workers (5.1%). The reason for the relatively high long-term unemployment rate among Asian unemployed workers is not entirely clear. But it may be partially explained by the fact that they tend to be disproportionately represented in states most impacted by coronavirus shutdowns. Nearly a third of Asian Americans (31%) lived in California in 2019, a state that had some of the longest shutdowns and most severe outbreaks in 2020. New York is the state with the second largest share of the Asian population (9%) and suffered the third most employment losses since the start of the pandemic. Among the unemployed, bachelor’s degree holders and older workers have higher long-term un-

employment rates. In the fourth quarter of 2020, 41% of unemployed workers with a bachelor’s degree or more education had been out of work for more than six months, compared with about one-in-three unemployed workers with less than a high school education. Collegeeducated unemployed workers also saw a greater increase in the longterm unemployment rate since the end of 2019. Among the unemployed, college graduates and those 45 and older more likely to be out of work long term Similarly, unemployed workers ages 45 to 64 and 65 and older had a higher long-term unemployment rate (45% and 42%, respectively) than younger workers in the fourth quarter of 2020 – 21% among work-

ers ages 16 to 24 and 37% among workers ages 25 to 44. It should be noted that college graduates and older workers have lower unemployment rates overall. In the fourth quarter of 2020, college graduates had an unemployment rate of 4%, compared with 10% for those with less than a high school diploma. Meanwhile, about 5% of workers ages 45 and older were unemployed, which is less than half the rate for workers ages 16 to 24 (11%). But when highly educated workers or older workers are out of work, they are unemployed for a longer period of time. This pattern could partially reflect difficulties highly trained or experienced workContinued on p. 9

COVID-19 vaccine linked to a reduction in transmission The FINANCIAL – The rate of infection with COVID-19 vaccine for people that live with healthcare workers is at least 30% lower when the worker has been vaccinated mostly with a single dose, according to preliminary new research. Not yet peer reviewed, the study involved all healthcare workers employed by the NHS in Scotland and their households, more than 300,000 people. Since household members of healthcare workers can also be infected via other people (not just via the healthcare worker they live with), this 30% relative risk reduction is an underestimate of the ‘true’ effect of vaccination on transmission. The research was led by Public

Health Scotland and the University of Glasgow, with contributions from researchers at the London School of Hygiene & Tropical Medicine, Glasgow Caledonian University, the University of Edinburgh, and the University of Strathclyde. Conducted between 8 December 2020 and 3 March 2021, the study used record linkage to compare cases of COVID-19 and hospitalisations due to COVID in household members of both vaccinated, and unvaccinated health care workers. Dr Anoop Shah from LSHTM said: “This was a large observational study looking at the impact of vaccination Continued on p. 7

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AI Adoption Accelerated During the Pandemic but Many Say It’s Moving Too Fast: KPMG Survey The FINANCIAL

he COVID-19 pandemic has accelerated the pace of artificial intelligence (AI) adoption, but many say it’s moving too fast, according to a new KPMG survey. Despite concerns about the speed of adoption, business leaders are confident AI can help solve some of today’s toughest challenges, including COVID-19 tracking and vaccines. In the new study, Thriving in an AI World, high numbers of business leaders from the following industries say AI is at least moderately functional in their organizations, including those in: industrial manufacturing (93 percent), financial services (84 percent), tech (83 percent), retail (81 percent); life sciences (77 percent), healthcare (67 percent) and government (61 percent). In addition, several industries saw a significant increase from last year’s report: financial services (37-percentage point increase), retail sector (29-percentage point increase) and tech sector (20-percentage point increase). According to Traci Gusher, Principal of Artificial Intelligence, “Leaders are experiencing COVID-19 whiplash, with AI adoption skyrocketing as a result of the pandemic. But many say it’s moving too fast. That’s probably because of current debate surrounding the ethics, governance and regulation of AI. Many business leaders do not have a view into what their organizations are doing to control and govern AI and may fear risks are developing.” Specifically, half of business leaders in industrial manufacturing (55 percent), retail and tech (49 percent in each) say AI is moving faster than it should in their industry. Concerns about the speed of AI adoption are particularly pronounced among small companies (63 percent), business leaders with high AI knowledge (51 percent), and Gen Z and Millennial business leaders (51 percent).

Leaders confident in

AI solving industry problems, including COVID-19 Business leaders from both small (88 percent) and large (80 percent) companies say AI technology helped their company during the COVID-19 outbreak. As we continue to navigate the pandemic, life sciences and healthcare business leaders are overwhelmingly confident in AI’s ability to monitor the spread of COVID-19 cases (94 percent and 91 percent), help with vaccine development (90 percent and 94 percent) and distribution (90 percent and 88 percent), respectively. Beyond the pandemic, business leaders are confident in AI’s ability to solve major industry problems. Specifically, these include:

Financial services business leaders surveyed are confident in AI’s ability to detect fraud (93 percent), higher than last year’s report (85 percent). And government decision-makers surveyed are confident in AI’s ability to improve bureaucratic efficiency (79 percent).

Business leaders optimistic about new administration, want more regulation Business leaders across industries believe the Biden administration will do more to help advance the adop-

tion of AI in the enterprise: industrial manufacturing (90 percent), tech (88 percent), retail (85 percent), financial services (82 percent), life sciences (81 percent), government (79 percent) and healthcare (73 percent). Additionally, younger (Gen Z and Millennial) business leaders are more likely (90 percent) than older (Gen X and Baby Boomer) business leaders (79 percent) to be more optimistic about the potential actions the Biden administration will do to help advance the adoption of AI in enterprise. Even with the optimism, business leaders are conscious that controls are needed and overwhelmingly believe the government has a role to play in regulating AI technology: industrial manufacturing (94 percent), retail (87 percent), financial services (86 percent), life sciences (86 percent), tech (86 percent), healthcare (84 percent) and government (82 percent). Business leaders with high AI knowledge (92 percent) are more

likely to say the government should be involved in regulating AI technology in comparison to total business leaders (87 percent). Compared to last year’s report, business leaders are more interested in government involvement, with financial services increasing by 27-percentage points, retail increasing by 24-percentage points, and tech increasing by 17-percentage points. “We are seeing very high levels of support this year across all industries for more AI regulation. One reason for this may be that, as the technology advances very quickly, insiders want to avoid AI becoming the ‘Wild Wild West.’ Additionally, a more robust regulatory environment may help facilitate commerce. It can help remove unintended barriers that may be the result of other laws or regulations, or due to lack of maturity of legal and technical standards,” said Rob Dwyer, Principal, Advisory, specializing in technology in Government.

Devastatingly pervasive: 1 in 3 women globally experience violence

iolence against women remains devastatingly pervasive and starts alarmingly young, shows new data from WHO and partners. Across their lifetime, 1 in 3 women, around 736 million, are subjected to physical or sexual violence by an intimate partner or sexual violence from a non-partner – a number that has remained largely unchanged over the past decade. This violence starts early: 1 in 4 young women (aged 15-24 years) who have been in a relationship will have already experienced violence by an intimate partner by the time they reach their mid-twenties. Intimate partner violence is by far the most prevalent form of violence against women globally (affect-

ing around 641 million). However, 6% of women globally report being sexually assaulted by someone other than their husband or partner. Given the high levels of stigma and under-reporting of sexual abuse, the true figure is likely to be significantly higher.

Emergencies exacerbate violence, increasing vulnerability and risks This report presents data from

the largest ever study of the prevalence of violence against women, conducted by WHO on behalf of a special working group of the United Nations. Based on data from 2000 to 2018, it updates previous estimates released in 2013. While the numbers reveal already alarmingly high rates of violence against women and girls, they do not reflect the ongoing impact of the COVID-19 pandemic. WHO and partners warn that the COVID-19 pandemic has further increased women’s exposure to violence, as a result of measures such as lockdowns and disruptions to vital support services. Though many countries have seen increased reporting of intimate partner violence to helplines, police, health workers, teachers, and other

service providers during lockdowns, the full impact of the pandemic on prevalence will only be established as surveys are resumed, the report notes.

Inequities are a leading risk factor for violence against women Violence disproportionately affects women living in low- and lower-middle-income countries. An estimated 37% of women living in the poorest countries have experienced physical and/or

sexual intimate partner violence in their life, with some of these countries having a prevalence as high as 1 in 2. The regions of Oceania, Southern Asia and Sub-Saharan Africa have the highest prevalence rates of intimate partner violence among women aged 15-49, ranging from 33% - 51%. The lowest rates are found in Europe (16– 23%), Central Asia (18%), Eastern Asia (20%) and South-Eastern Asia (21%). Younger women are at highest risk for recent violence. Among those who have been in a relationship, the highest rates (16%) of intimate partner violence in the past 12 months occurred among young women aged between 15 and 24.

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US Falls Behind Canada as a Work Destination, and Pandemic Lowers Mobility, in Global Workforce Study

Asia-Pacific Countries Rise in the Rankings, According to a Survey of 209,000 People in 190 Countries by Boston Consulting Group and The Network; Changes in Popularity Reflect Countries’ Success in Managing Coronavirus The FINANCIAL

he US has lost its status as the place foreigners would most like to work, with Canada now regarded as the top destination, according to a new study

by Boston Consulting Group (BCG) and The Network. The study shows that the pandemic has had a major impact on people’s attitudes toward work abroad, reducing their interest generally and inclining them toward countries that have done the best job of containing the coronavirus. A report based on the study is being released today. Decoding Global Talent, Onsite and Virtual is the third core publication based on BCG and The Network’s ongoing research into worker mobility and worker preferences. Only about 50% of people are willing to move to another country for work, according to this year’s survey, which included almost 209,000 participants in 190 countries. That’s down from a 64% willingness level in 2014 and 57% in 2018. The lower willingness to relocate was expressed by respondents in nearly every country in the world. “Restrictive immigration policies have already weakened the mobility trend,” said Rainer Strack, one of the authors of the study and a senior partner at BCG. “COVID is a new variable that is making people cautious about considering international relocation. And with the rise of remote working, many may feel that they can further their careers virtually, without needing to move at all.” Almost all of the countries that moved up in the top ten rankings have a relatively low incidence of COVID-19 cases. That includes Canada, Australia (now number three among global work destinations),

and Japan (now number six). In addition, two Asia-Pacific countries that have won praise for their public health response—Singapore and New Zealand—appear on the list for the first time. Concerns over the coronavirus response in Europe contributed to a decline for many previously popular destinations. Germany and France each fell two places in the rankings. Italy and Spain fell off the top ten list altogether. Attitudes toward the world’s most famous cities likewise reflect their countries’ coronavirus responses. New York, Barcelona, Rome, and Madrid are now considered much less attractive as work destinations than they were in 2018. Tokyo and Singapore have increased in attractiveness, as have Dubai and Abu Dhabi, in the likewise less-hard-hit United Arab Emirates.

A New Kind of Mobility While there is less willingness now to pull up stakes and move to a foreign country, the survey shows a high level of enthusiasm for the model of staying in one’s home country while working for a foreign employer. Fifty-seven percent of people say they are willing to do this, and when remote international work is the question, the US switches places with Canada and is again number one. The overall openness to virtual work is especially high among peo-

ple in the information technology and digital fields. Seventy-one percent of people with digital or analytics backgrounds said they would be willing to work for a company with no physical presence in their own country. So did 67% of people with IT and technology backgrounds. Among people with master’s degrees or above, the willingness quotient was likewise high: about 62%. “Hiring people from other countries is not a new practice for employers,” said Pierre Antebi, a co– managing director of The Network and one of the report’s authors. “But the trend of remote working makes it possible to do it on a broader scale and expand the available talent pool. There’s also an upside for workers, who can advance their careers without uprooting their lives.” The report describes the challenges companies face in offering remote international employment—including cultural integration and the securing of visas—and highlights some early solutions. The data gathered for Decoding Global Talent, Onsite and Virtual provides insights into worker attitudes by gender, age, education level, level of digital skills, and position in the job hierarchy. This data will be at the core of two more reports that BCG and The Network will publish in the coming months as part of this year’s research. The second report will focus on new work models in the wake of COVID-19, and the third will explore changes in people’s career prospects and expectations.

Vaccine Confidence Isn’t The Main Obstacle To Reaching Herd Immunity The FINANCIAL – The share of the overall population that does not want to get vaccinated is small enough already that the U.S. should be able to reach herd immunity even if Americans who are most reluctant to get the vaccine do not change their minds. New data from our KFF Vaccine Monitor show that 55% of adults are either already vaccinated at least once or plan to get vaccinated as soon as they can, and another 22% are in a “wait and see” group. That group has been shrinking. Think of them like persuadable swing voters. Many are likely to get vaccinated as they see family members and friends and neighbors vaccinated without adverse effect. The “wait and see group” should be the focus of vaccine confidence building efforts, especially in Black and Latino communities where the need for building vaccine confidence and addressing information needs and barriers to access is the most urgent. Seven percent say they will only get vaccinated if they are required to at work and another 15% – the real hard core no vote – say they don’t want to get vaccinated. These numbers haven’t really budged since December. Employers can’t require vaccination while vaccines are operating under emergency authorizations but can with limitations once they have final approval. Even if the vaccine resisters don’t switch – some of whom have been infected and may carry some degree of protection — it’s pretty easy to see how the country could get to 70% of adults vaccinated or more. That doesn’t include kids, who are not yet eligible to receive the vaccine. Once they are, we can imagine them getting vaccinated at similar or greater rates than adults given the pressure for them to return to school as safely as possible. Many lower income and working people are not vaccine hesitant so much as they can’t access vaccine sites, aren’t on the internet or don’t have a laptop, are not internet savvy or just don’t have hours every day to sit by the computer tying to navigate websites. Sharing family stories of problems getting a vaccine appointment on a website may be the new America pastime, but in some ways it’s a mark of privilege as well.

COVID-19 vaccine linked to a reduction in transmission Continued from p. 4

on onward transmission of SARSCoV-2 to close contacts in the absence of trial evidence. We looked at nearly 150,000 healthcare workers and their 200,000 household members. Our study showed that among household members, in the period after the healthcare worker in the household had been vaccinated, the risk of COVID-19 was around 30% lower.”

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Ana Natsvlishvili Lelo for Georgia political union member

The FINANCIAL

STATEMENT:

“THE NUMBER OF SOCIALLY VULNERABLE PEOPLE INCREASED BY 100,000 LAST YEAR… 27,000 JOBS WERE LOST BEFORE THE PANDEMIC.”

VERDICT:

FACTCHECK CONCLUDES THAT ANA NATSVLISHVILI’S STATEMENT IS MOSTLY TRUE. Teona ABSANDZE FactCheck

RESUME: As of January 2021, the num-

ber of cash social assistance recipients is 532,242. As compared to January 2020, the number of cash social assistance (subsistence assistance) recipients rose by 100,024. This growth is stipulated by the pandemic-induced crisis and the expanded government assistance programme as part of the anti-crisis plan. As compared to the previous year, the number of hired employees increased by 6,000 in 2019 whilst the number of selfemployees increased by 5,700. In sum, the total number of employees shrank by 0.3 thousand. The figure in Ana Natsvlishvili’s statement is in line with the long-running (2017-2019) trend of decreased employment in the private sector. However, she did not specify in her statement whether or not she was referring to the private sector. In addition, Ms Natsvlishvili also did not specify a concrete period. Since 2016, the number of employees in the non-public (private) sector has been decreasing annually. In 2017-2019, the number of private sector employees dropped by 26,400 whilst at the same time the number of public sector employees increased by 27,800.

ANALYSIS Lelo for Georgia

political union member, Ana Natsvlishvili, stated on air on the Tavisupali Khedva television show: “The

number of socially vulnerable people increased by 100,000 last year and many more are lined up… 27,000 jobs were lost before the pandemic.” The government’s cash social assistance (subsistence assistance) programme aims to provide cash and other relevant assistance to families below the poverty line. A family’s socio-economic standing is measured by a respective methodology which determines the family’s rating points. The amount of cash assistance and other preferences are determined on the basis of a family’s rating points. As of January 2021, there are 1,020,375 citizens (333,292 families) registered in the database of socially vulnerable families. The number of people registered in the database of socially vulnerable families increased by 97,802 (27,703 families). As of January 2021, the number cash social assistance (subsistence assistance) recipients amount to 532,242 people (148,653 families). As compared to January 2020, the number of cash social assistance (subsistence assistance) recipients rose by 100,024 (27,973 families). Of note is that in order to mitigate the socio-economic damage caused by the pandemic and the associated restrictions, the targeted social assistance programme was expanded as part of the government’s anti-crisis plan. Therefore, the number of assistance recipients also increased. Ana Natsvlishvili also mentioned the jobs that were lost before the pandemic. According to the National Statistics Office of Georgia, the number of employees in 2019 decreased by 0.3

thousand as compared to the previous year. Of importance is that the number of hired employees decreased by 6,000 whilst the number of self-employees increased by 5,700. The year 2019 was one of the worst years in terms of employment statistics when cuts in employment were caused by the decrease in the number of hired employees. Under the Georgian Dream’s rule, employment in Georgia peaked in 2015. In 2016-2017, the number of employees decreased and the total employment increased again in 2018 at the expense of the growth of public service employees, soon to be followed by more cuts in employment in 2019 (see Graph 2). Since 2016, the number of employees in the non-public sector has been decreasing annually. In 2017-2019, the number of private sector employees dropped by 26,400 whilst at the same time the number of public sector employees increased by 27,800. The figure in Ana Natsvlishvili’s statement is in line with the decreased employment in the private sector 2017-2019. The National Statistics Office of Georgia also publishes the number of jobs in the business sector based on the declared data of enterprises. The number of jobs in the business sector increases annually although the number of jobs does not equate the same number of employed individuals. A working-age person can possibly have two or more jobs. Those politicians who speak about jobs usually do not refer to the number of jobs in the business sector but to the general employment statistics instead.

Graph 1: Number of Subsistence Assistance Recipients: January 2020 – January 2021

Source: Social Service Agency, Statistical data of subsistence assistance recipients Graph 1: Number of Employees in Terms of Employment Sectors in 2012-2020 (Thousand Persons)

Source: National Statistics Office of Georgia

odern smart technology brings changes to European enterprises. Smart machines, devices and sensors interconnect and communicate with each other via the internet, creating smart environments called the Internet of Things (IoT) enabling increased automation and production processes that can analyse and diagnose issues independently. In 2020, almost one-fifth (18%) of enterprises in the EU with more than 10 people em-

ployed used internet-connected devices or systems that can be monitored or controlled remotely via the internet. Large enterprises used these devices or systems to a larger extent (38%) compared with medium-sized enterprises (27%) and small enterprises (16%). Devices or systems to optimise energy consumptions in the enterprise’s premises were the most popular in large enterprises: 21% of large enterprises used them. Among medium and small enterprises, devices or systems to track the movement of vehicles or products or to offer condition-based maintenance of vehicles were

most commonly used: 12% of medium enterprises and 6% of small enterprises used them. Among EU Member States, Czechia recorded the highest share of enterprises (44%; see footnote) that used internetconnected devices or systems with remote monitoring or control via the internet in 2020. Czechia was followed by Finland (40%), Austria (32%), Belgium (27%) and Malta (26%). In contrast, less than 15% of enterprises in Hungary (14%), Portugal (13%), Bulgaria (12%), France (10%) and Romania (7%) used such internet-connected devices or systems last year.

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Long-term unemployment has risen sharply in U.S. amid the pandemic, especially among Asian Americans Continued from p. 4

ers have finding new jobs or switching career paths once they fall into unemployment. Gender gaps in long-term unemployment rates in 2020 differed by race and ethnicity The long-term unemployment rate for women and men overall is about the same, but there are gender gaps among Black, Hispanic and Asian unemployed workers. In the fourth quarter of 2020, the long-term unemployment rate for unemployed Black men was 40%, compared with 36% for Black women. Likewise, the long-term unemployment rate was higher among unemployed Asian men (48%) than women (43%). Among unemployed Hispanic workers, however, women (38%) were more likely than men (32%) to be out of work for the long term. There was little difference in long-term unemployment among unemployed White women and men. Counting discouraged workers among the unemployed raises the unemployment rate 0.6 percentage points for Black workers. The official unemployment rate (formally referred to as the

U-3 rate) published monthly by the government includes only those workers who are actively looking for a job. Including discouraged workers, those who have not looked for work in recent weeks (the U-4 rate), yields another perspective on the state of unemployment in the economy. Including discouraged workers inches up the unemployment rate across racial and ethnic groups The U.S. unemployment rate including discouraged workers stood at 7.2% in January, compared with the official rate of 6.8%, which does not include discouraged workers (nonseasonally adjusted). For Black workers, this adjustment increases the unemployment rate from 9.8% to 10.4% (0.6 percentage points), pointing to a fairly high level of discouragement among them. The unemployment rate for Black men when discouraged workers are included is 0.9 points higher than the official rate for the group in January, 11.5% vs. 10.6%. This compares with an increase from 9.0% to 9.4% for Black women after discouraged workers are included. Hispanic workers’ unemployment rate increases from 9.4% to 9.9%.

White and Asian American workers, meanwhile, see their unemployment rates higher by 0.3 points each; their respective rates become 5.6% and 7.1% in January with the inclusion of discouraged workers. Young workers and those with less than a high school diploma have the highest unemployment rate when discouraged workers are included Workers without a high school diploma and young adults have an unemployment rate of about 13% when discouraged workers are included. The official unemployment rate for workers without a high school diploma stood at 12.3% in January 2021. With discouraged workers included, the rate rises to 13.0%. The adjusted unemployment rate for workers with a bachelor’s degree or more education inches up from 4.3% to 4.5% with discouraged workers. Looked at by age, the unemployment rate for workers ages 16 to 24 increases 0.6 percentage points when including discouraged workers, from 12.1% to 12.7%. The rates for workers ages 45 to 64 and those 65 and older increase about 0.3 points each.

Three quarters of CEOs predict a return to growth in 2021 Continued from p. 2

significantly increase investments in sustainability initiatives as a result of COVID-19, almost one third of CEOs are planning no change at all. Bob Moritz said: “To address the biggest challenges facing our world today, we need to change the incentives that drive decision-making. This requires the financial markets taking a broader view of value, beyond solely financial return and shortterm value, so capital will flow to the right places. Better and comparable non-financial corporate reporting is crucial too, so stakeholders can see how companies are creating value for society and our planet, as well as meeting their financial objectives. Companies that get this right will enhance their brand and build trust with their stakeholders.”

Worries about cyber, tax policies and misinformation on the rise Not surprisingly, pandemics and health crises top the list of threats to growth prospects, overtaking the fear of over-regulation, which has been the perennial number

one concern for CEOs globally since 2014. Rising digitisation is increasing the risks posed by cyber threats. This, coupled with the significant increase in cybersecurity incidents in 2020 including ransomware attacks, has resulted in cyber threats leaping up the list to become the number two concern, cited by 47% of CEOs compared to 33% in 2020. Cyber threats are a concern particularly for CEOs in North America and Western Europe, where they are considered a greater threat than the pandemic. Also rising rapidly up the list of CEO concerns is the spread of misinformation (28%, up from 16% in 2020), which has had an impact on elections, reputation, and public health – further contributing to a decline in trust across society. In 2020, tax policy uncertainty ranked outside the top ten concerns for CEOs, with only 19% of CEOs concerned. This year, it has increased rapidly in importance, leaping up to seventh place (31%), with CEOs undoubtedly watching government debts accumulate and realising that business taxes will likely need to rise.

Digital investments for

the future Asked about their spending on digital transformation, nearly half of CEOs (49%) project increases of 10% or more. Despite the rising level of concern CEOs are voicing about cyberattacks, this has not translated into definitive actions. Less than half of the CEOs planning for heightened digital investment are also planning to boost their spending on cybersecurity and data privacy by 10% or more. At the same time, a growing number of CEOs – 36% – plan to use automation and technology to make their workforce more competitive, more than double the share of CEOs who said the same in 2016. Bob Moritz added: “At the pandemic’s one year mark, we’re at an inflection point as vaccination begins to ramp up around the world. Although the shape of the recovery remains unknown, it is clear that we cannot simply go back to the way things were before. To achieve the kind of change that’s needed, CEOs will need to think differently and constantly evaluate their decisions and actions against broader societal impacts. In doing so, they’ll set a course that builds trust and delivers sustained outcomes for shareholders, society and our planet.”

Natia Turnava Minister of Economy and Sustainable Development of Georgia

STATEMENT:“THE UNEMPLOYMENT RATE INCREASED AS COMPARED TO 2019 BUT IT IS THE LOWEST IN THE LAST DECADE.” VERDICT:

FACTCHECK CONCLUDES THAT NATIA TURNAVA’S STATEMENT IS A MANIPULATION.

Teona ABSANDZE FactCheck

RESUME:

The unemployment rate in 2020 increased by 0.9 of a percentage point as compared to 2019 and reached 18.5%. Technically speaking, the lowest level of unemployment in the last decade with the exception of 2019 is indeed in 2020. However, this is explained by the unemployment calculation methodology instead of any positive trends in employment. According to the methodology, a person is considered to be a so-called “discouraged worker” once he stops looking for a job and ends up outside of the workforce and is no longer considered as unemployed. This is why the number of registered unemployed people decreased as compared to the previous years (2011-2018) and not because of job creation. Employment indicators need to be analysed in order to see the real picture. The number of employed individuals decreased by 54,100 as compared to 2019 and amounts to 1,241,800 which is the lowest figure in 20142020. The employment rate in 2020 is 41.1% which is also the lowest figure since 2013. Natia Turnava ignores employment indicators as well as

puts the decreased workforce and the current unemployment rate in a positive light which is delusive.

ANALYSIS

The Minister of Economy and Sustainable Development of Georgia, Natia Turnava, speaking about the 2020 unemployment rate, stated: “Unemployment is a worldwide problem and a result of the pandemic. The unemployment rate increased by 0.9 of a percentage point and reached 18.5%. This is worse as compared to 2019 but I cannot help mentioning that this is the lowest figure in the last decade. This rate is an improvement as compared to 2018.” FactCheck verified the accuracy of Natia Turnava’s statement. The unemployment rate in 2020 increased by 0.9 of a percentage point as compared to 2019 and reached 18.5%. Technically speaking, the lowest level of unemployment in the last decade with the exception of 2019 is indeed in 2020. At the same time, the employment rate in 2020 is 41.1% which is the lowest figure since 2013. The relatively lower unemployment rate is stipulated by the decrease in the economically active population (unemployed people looking for jobs). The unemployment rate is

Graph 1: Employment and Unemployment in 2011-2020

Source: National Statistics Office of Georgia

calculated by the unemployed people to the economically active population (workforce) ratio. A workforce comprises employed people as well as unemployed people looking for jobs. In accordance with the methodology of the National Statistics Office of Georgia, if a person ceases looking for a job, he ends up outside of the workforce and is no longer considered as unemployed. These are the socalled “discouraged workers” who leave the ranks of the unemployed although they are not employed. Since 2015, Georgia’s workforce has been decreasing annually. This means that part of the population ended up outside of the workforce and, as a result, unemployment decreased without a growth in employment. The number of employed people decreased by 12,600 in 2016-2019. The number of employed individuals decreased by 54,100 as compared to 2019 and amounts to 1,241,800 which is the lowest figure since 2013. In the last decade, employment in Georgia peaked in 2015. The number of employees decreased in 2016-2017 and employment increased, in 2018 following a slight decrease again in 2019 (see Graph 1).

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15 March, 2021 | FINCHANNEL.COM

Heating of buildings decreasing, cooling increasing The FINANCIAL

he need to heat buildings has decreased over time: the heating degree days value decreased by 21% between 1979 (3 510 days) and 2020 (2 759 days) in the EU-27, indicating that, compared with 1979 only 79% of the heating needs were required in 2020. Heating degree days and cooling degree days are weather-based technical indexes designed to describe the energy requirements of buildings in terms of heating or cooling. In contrast, the cooling degree days value was more than twice as high in 2020 (99 days) as in 1979 (37 days), indicating that the needs for cooling (air conditioning) in buildings increased over the last decades.

Highest heating degree day values in Sweden and Finland, highest cooling degree days in Cyprus and Malta Heating degree days vary across European Member States. Considering all data available over the 19792020 period, Finland had the highest average annual heating degree day value (5 665), while for Malta, the value was 536. This means that for a given building, the need for heating was ten times higher in Finland than in Malta between 1979 and 2020. Finland was followed by Sweden (5 328) and Estonia (4 344). The Member States with the lowest values were Malta (536), followed by Cyprus (784) and Portugal (1 243).

Over the same period, Cyprus had the highest average cooling degree days value (573), followed by Malta (569) and Greece (268). The Member States with the lowest values for this index were Ireland (0.02), Sweden (0.36) and Denmark (0.91). This means that for a given building, the need for cooling (or air conditioning) in Ireland, Sweden and Denmark were negligible between 1979 and 2020.

Several “distant” EU regions and Member States have similar average values

It is interesting to observe that some geographically distant regions/Member States have similar heating degree days average values. For example, Makroregion Poludniowo-Zachodni in Poland (3349), Slovakia (3360) and Bayern in Germany (3367) have comparable values. Ireland (2844) has a similar average value as Grand Est in France (2819) and Alföld és Észak in Hun-

gary (2848). Cooling degree days values for Makroregion Województwo Mazowieckie in Poland (15.7), the Czech Republic (15.8) and ZuidNederland in the Netherlands (16.0) are similar. The same applies to the regions Noroeste in Spain (16.2), Hessen in Germany (16.5) and Région de Bruxelles-Capitale/Brussels Hoofdstedelijk Gewest in Belgium (16.9).

A majority of Americans expect it will be at least a year before life returns to the way it was before COVID-19 The FINANCIAL

year after COVID-19 forced the first lockdowns, school and business closures and event cancellations across the country, most Americans are not optimistic about a quick return to the way things were before the outbreak. And the public is even less optimistic about when the job situation may return to its prepandemic level. Despite recent increases in the shares of Americans who have been vaccinated against COVID-19 – and who say they plan to get vaccinated – just 9% of the public says it will be less than six months before most businesses, schools, places of worship and other public activities operate about as they did before the outbreak. Roughly a third (34%) say this will take between six months and a year. Nearly six-in-ten (57%) say it will be a year or more before things mostly operate as they did before the pandemic struck the U.S., including 14% who expect it will take more than two years, according to a new Pew Research Center survey, conducted March 1-7 among 12,055 adults. For the most part, expectations about when life will return to the way it was before the pandemic do not vary widely

across demographic groups or by partisanship. Across demographic and partisan groups, few see a quick return to life as it was before the COVID-19 outbreak Women (59%) are somewhat more likely than men (53%) to believe that it

will take more than a year for public activities to return to the level they were before the outbreak. Nearly two-thirds of Black Americans (64%) say it will be a year or longer, compared with smaller shares of White (56%), Asian (56%) and Hispanic adults

(51%). Upper-income Americans are the most optimistic about when life when will return to normal: 49% predict that schools, businesses and other public activities will fully reopen in a year or sooner. Fewer middle-income (43%) and lower-income

Americans (40%) say the same. Similar shares of Republicans and Republican-leaning independents (57%) and Democrats and Democratic leaners (56%) say it will take more than a year for life to return to normal in the country. But Republicans are more likely than Democrats to believe it will be more than two years (17% vs. 10%). Few differences by income in Americans’ views of when job situation in U.S. may return to pre-COVID-19 level When it comes to the nation’s job situation, Americans are even more pessimistic. About eight-in-ten Americans say they expect it will take one to two years (46%) or more than two years (35%) for the job situation to recover to where it was before the outbreak. Just 19% believe it will recover in less than a year. There are modest demographic differences in these predictions. For example, those who live in rural areas (40%) are slightly more likely than those who live in suburban (34%) or urban areas (31%) to say the job recovery will take more than two years. While partisans are largely in agreement that it will take more than a year for employment to reach the level it was at before the pandemic, Republicans are more pessimistic: 44% expect jobs to return in more than two years, compared with about a quarter of Democrats (26%).

HEADLINE NEWS & ANALYSIS FINCHANNEL.COM | 15 March, 2021

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580 000 excess deaths between March and December 2020 I The FINANCIAL

n spring 2020, the number of deaths in the EU started to rise rapidly due to COVID-19: in some parts of Europe, deaths were exceptionally high compared with the average mortality of previous years. From here came the idea of assessing the impact of the pandemic by looking at the excess mortality, i.e. the increase in the total number of deaths, from any cause, compared with deaths in previous years. In total, 580 000 more deaths occurred in the EU between March and December 2020 compared with the same period in 2016 – 2019. During the early rise of COVID-19, the excess mortality in the EU reached its first peak in April 2020, with an increase of 25% compared with the average of the same month over 2016 - 2019. Between May and July, a lower level of excess mortality was registered, while yet another surge in mortality started in August – September with the second wave of the pandemic. The excess mortality in the EU was 8% above the average in August and September, +18% in October, reaching its peak at +41% in November, followed by +30% in December. Although excess mortality was observed during most of the year across Europe, the peaks and intensity of outbreaks varied greatly across countries. For further analysis, including first data for January 2021, you can read the Statistics Explained article on excess mortality and use the new interactive tool by selecting the country you would like to analyse:

The need for speed: faster vaccine rollout critical to stronger recovery The FINANCIAL

global economic recovery is in sight but a faster and more effective vaccination rollout across the world is critical, while respecting necessary health and social distancing measures, according to the OECD’s latest Interim Economic Outlook. Activity in many sectors has picked up and adapted to pandemic restrictions over recent months. Vaccine deployment, although uneven, is finally gaining momentum and government fiscal stimulus – particularly in the US – is likely to provide a major boost to economic activity. But the pandemic is widening gaps in economic performance between countries and between sectors, increasing social inequalities, particularly affecting vulnerable groups, and risking long-term damage to job prospects and living standards for many people. The Interim Economic Outlook calls for ramping up vaccination, for swifter, more targeted fiscal stimulus to foster output and confidence, and to maintain income support for people and businesses hard hit by the pandemic while preparing the ground for a sustainable recovery. “Speed is of the essence,” said OECD Secretary-General Angel Gurría. “There is no room for complacency. Vaccines must be deployed faster and globally. This will require better international co-operation and co-or-

dination than we have seen up to now. It is only by doing so that we can focus our attention on building forward better and laying the foundations for a prosperous and lasting recovery for all.” The OECD sees global GDP growth at 5.6% this year, an upward revision of more than 1 percentage point since its projection in December 2020, and 4% in 2022. World output is expected to reach pre-pandemic levels by mid2021 but the pace and duration of the recovery will depend on the race between vaccines and emerging variants of the virus. The outlook for global growth would be better than currently projected – and approach pre-pandemic projections for activity – if the production and distribution of vaccines

accelerates, is better co-ordinated around the world and gets ahead of virus mutations. This would allow containment measures to be relaxed more rapidly. But if vaccination programmes are not fast enough to cut infection rates or if new variants become more widespread and require changes to current vaccines, consumer spending and business confidence would be hit. In the OECD’s central scenario, US growth is projected to be 6.5% in 2021, an upward revision of more than 3 percentage points since December, partly reflecting the largescale fiscal stimulus now planned with a sustained pace of vaccination. This also helps to lift output around the world. In the euro area, where the level of fiscal stimulus is lower and

vaccine rollout slower, the Interim Economic Outlook sees GDP rising 3.9%, a 0.3 percentage point upward revision. Prospects are brighter in the AsianPacific region where several countries have effectively contained the virus and where industrial activity has regained dynamism. In China, GDP growth is projected to be 7.8% this year; in Japan 2.7%; in Korea 3.3%; and in Australia 4.5%. The recovery is likely to be more moderate in the emerging market economies of Latin America and Africa amid a resurgence of the virus, slow vaccine deployment and limited scope for additional policy support. Presenting the Interim Economic Outlook today, OECD Chief Economist Laurence Boone said vaccination

programmes and stimulus measures should work hand in hand. “Widespread vaccination of the adult population is the best economic policy available today to get our economies and employment growing again,” she said. “If we are at war with the virus then we need to put vaccine production on a war footing, provide the necessary resources and speed up deployment across the world.” “If we don’t get enough people vaccinated quickly enough to allow restrictions to be lifted, the recovery will be slower and we will undermine the benefits of fiscal stimulus,” she added. The improved prospects of a global recovery have led to financial market expectations of higher inflation although the Interim Economic Outlook says underlying price pressures generally remain mild in advanced economies. In emerging market economies, inflation could rise further. Public debt levels have risen sharply almost everywhere, but debt-servicing costs in most OECD economies continue to benefit from very low interest rates protecting fiscal sustainability. The report says the vital support provided by governments to preserve jobs and businesses should remain in place while economies are still fragile and hampered by containment measures. Particular attention needs to be paid to supporting young people and the less skilled to avoid a repeat of the long-term damage caused to the job prospects of these vulnerable groups after the financial crisis of 2008.

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Tel: +995 422 222299 e-mail: batumi.info@hilton.com Address: 40 Rustaveli Avenue 6010,Batumi,Georgia batumi.hilton.com

Best Western Tbilisi 4 Freedom Square Tel: 2988 988, Fax: 2988 910 E-mail:gmt@gmt.ge, www.gmt.ge

Tel: 277 00 40/50 Addr: 20 Metekhi str. http://www.tbilisiinn.com/ info@tbilisiinn.com

Addr: 11, Apakidze str. Tel.: 2 300 777

Hotel “Tiflis Palace” 3 Vakhtang Gorgasali St, (+995) 32 2000245 reservation@tiflispalace.ge

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HEADLINE NEWS & ANALYSIS 15 March, 2021 | FINCHANNEL.COM

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| places we strongly reccommend to visit |