Download GlobalData’s Covid-19 Executive Briefing report
- ECONOMIC IMPACT -
Latest update: 20th October
The UK has eased quarantine rules for travellers from 47 destinations and lifted warnings against travel to 32 countries
The daily hospitalisation rate for the US and Israel had stabilised and fallen, but vaccine hesitancy and the removal of social distancing measures have caused increases in hospitalisations
According to the World Bank, the sub-Saharan African region is forecasted to grow by 3.3% in 2021
Average North American GDP is set to grow by 6% in 2021 and 4% in 2022, following a drop by 4% in 2020
Impact of Covid-19 on equity indices
- SECTOR IMPACT: POWER -
Latest impact: 8th October
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% (3.1 mb/d) 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.
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 the share of renewables in total electricity generation will reach almost 30% in 2021, up from less than 27% in 2019.