05/17/2021 – Due to the successful containment of the pandemic in most regions of the world and the much higher vaccination cadence, strong growth is expected in the second half of the year. The global increase in industrial activity continued in April, reaching the highest level in 10 years with a Purchasing Managers’ Index of 55.8. The recovery momentum of the industrialised nations, led by the US, is much more evident than that of the emerging economies. This is mainly due to the weaker growth dynamics in China as well as other important emerging markets such as Mexico, Brazil, Russia and Turkey.

Read more in the current Macroeconomic Comment of Peter von Elten.