Download GlobalData’s Covid-19 Executive Briefing report
- ECONOMIC IMPACT -
Latest update: 22 July
After months of decline, GDP estimates for many countries have turned positive.
Polls show that concern over the spread of Covid-19 has increased; business optimism remains volatile.
China’s real GDP expanded by 7.9% in Q2 2021 when compared with the same period of the previous year, which is a slowdown from 18.3% growth recorded in Q1 2021.
The World Bank has downgraded the economic growth forecast for East Asia and the Pacific, excluding China, to 4% in 2021 from its earlier projection of 4.4% in March.
Impact of Covid-19 on employment outlook
- SECTOR IMPACT: POWER -
Latest update: 7 July
Generation from wind and solar PV is set to grow by 17% in 2021, up from 16% in 2020.
Two years of rapid growth means that the share of renewables in total electricity generation will reach almost 30% in 2021, up from less than 27% in 2019.
In 2020, coal demand dropped by 220 million tonnes of coal equivalent, or 4%.
In 2021, coal demand has rebounded strongly, reversing the declines in 2020, though with major geographic variations.
In 2021, oil demand is expected to rebound by 6%, faster than all other fuels. The last time oil demand increased this rapidly was in 1976. Despite the strong rebound, oil demand remains 3% below 2019 levels.
The combination of continued lower prices and rapid growth in economies across Asia and the Middle East should drive growth of 3% in gas demand in 2021.
As a result, global natural gas demand in 2021 is projected to rise 1.3% above 2019 levels.
Renewables usage grew by 3% in 2020, largely due to an increase in electricity generation from solar PV and wind of 330TWh.