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Economic and Industry Outlook 2021

The world continues on its gradual path of recovery, strongly supported by the services sector and with an unprecedented share of global growth in developed countries. Thus, the global economy is expected to grow by around 6% in 2021 and 4.4% in 2022. This growth is rooted in improved global mobility in the face of Covid-19, the revival of China’s consumption, demand for services in developed markets, and monetary and financial momentum in the developed world. Emerging countries, however, will see more meager growth and their contribution to growth will be lower given the epidemiological situation and the limited margin for expansionary economic policy. Overall growth will also have a high nominal component, but the upturn in inflation will be transitory. On the other hand, the prospects for a return to economic growth are helping insurance markets to recover. Some emerging economies are experiencing a rebound in inflation and have exhausted their fiscal capacity, forcing them to reverse some of the measures adopted, which will delay their recovery. However, the rise in interest rates in these economies is creating a favorable environment for the marketing of life savings products, which have suffered the most from the crisis.