The UK’s GDP will grow by 7.5% in 2021, a sign that the economy is continuing to recover from the COVID pandemic.
The U.K. Office for National Statistics (ONS) reported today that U.K. GDP grew by 7.5% in 2021, indicating that the economy is recovering after contracting by 9.4% in 2020, the sharpest decline since ONS began keeping records.
UK GDP grew by 1% QoQ in Q4 21, the same rate as in Q3.
In Asia
Malaysia’s economy grew 3.6% in 4Q21 after measures to contain the coronavirus was eased.
According to the Bank of Malaysia (BNM), the Malaysian economy grew faster than expected in the fourth quarter of 2021, driven by the easing of measures to contain the spread of the coronavirus and strong external demand.
According to BNM, the Malaysian economy grew by 3.6% year-on-year in the fourth quarter. In the third quarter, Malaysia’s GDP had fallen by 4.5%, mainly due to COVID-19 containment measures across the country.
In 2021 as a whole, the Malaysian economy grew by 3.1%, following a decline of 5.6% in 2020.
BNM expects the growth outlook to increase in 2022, driven by private spending due to improved labor market conditions and growing external demand.
The report goes on to say, “However, such forecasts carry risks associated with the spread of COVID-19, severe types of volatility in global financial markets, and supply chain disruption.”
BNM expects headline inflation to remain moderate this year.