BUSINESS

MASTERCARD OUTLINES FIVE THEMES TO SHAPE GLOBAL ECONOMY GOING FORWARD

23/12/2021 02:48 PM

KUALA LUMPUR, Dec 23  -- Mastercard Economics Institute revealed that savings and spending, supply chains, digital acceleration, travel and a growing list of economic risks as the fundamental factors that would continue to shape the global economy going forward.

Mastercard Asia Pacific and the Middle East and Africa chief economist David Mann said whilst the recovery trend across the region might be non-linear, the institute anticipated pent-up demand and savings would finally be released by consumers evidenced by the recovery of “out-and-about” categories such as apparel and beauty.

“Although the past year remained shrouded in uncertainty, we are optimistic about the year ahead and expect 2022 to be the year of travel recovery for Asia,” he said in a statement today.

He said that the continued strength in e-commerce and pandemic categories such as home improvements and hobbies would also be bolstered by a steady rise in the subscription economy, painting a positive picture despite the lingering threats of new variants, inflation and supply chain disruption.

The institute said for savings and spending, excess savings in the developed economies of Asia Pacific are a source of strength in consumption in 2022 and beyond.

“A faster scenario for spending excess savings would mean a two percentage point acceleration in consumer spending growth for several markets in 2022, including Australia, New Zealand, Japan and Korea,” it said.

Globally, it said consumer spending of built-up savings could contribute an additional three percentage points to global Gross Domestic Product growth in 2022 as pandemic restrictions ease.

-- BERNAMA

 

 


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