The COVID-19 pandemic entered our lives in 2019 and has shown its brutality in many sectors. It has left negative effects on tourism, education, health and many other areas. The new variants that appear continue to pose a threat to the year 2022.
The emergence of new variants of the pandemic and the increase in the number of cases mean that earlier restrictions may have to be applied once again. This has led us to further economic relief but also to look at the future with more optimism, one where we can maintain economic production despite the continuation of the pandemic.
Dr Yasam Ayavefe
Production Increased in 2021
Production and trade, which went into stagnation in 2019, increased worldwide due to energy demand and energy scarcity caused by the resurgence of the economy at the end of 2021. The increases in oil and natural gas prices have also directly affected the prices of products due to a rise in production costs. These increases have shown us that inflation worldwide will not be a temporary situation.
With the slight recovery of the world economy in 2021, the view is clear that the need for energy will continue to increase prices in 2022. The most important reason for this is that it will not be easy to increase the energy supply in a short time.
It is of great importance that there are measures and steps taken by the EU countries in order to reduce the prices and shortages in gas supplies. Access to natural gas has become the most important issue of energy policies of all countries. Inflation, or the constant increase in prices, is now one of the important macroeconomic indicators that many governments around the world are having to struggle with.
Dr Yasam Ayavefe
Inflation Isn’t Temporary
Inflation was initially considered temporary due to the problems arising in the supply chain due to the COVID-19 pandemic. However, this has not been the case due to imbalances in energy supply and demand, as well as money injected into the markets for economic recovery all over the world.
For this reason, it is thought that restrictive monetary policies and the expected interest rate increase of the United States in the second half of 2022 will cause a change in the policies of developing countries, especially in the context of fighting inflation all over the world in 2022.
One of the important problems caused by the Coronavirus pandemic is in the supply chain. It has become necessary to determine new strategies for reducing dependence on Chinese imports and that these problems will continue in the coming period, but new supply-related searches will be undertaken. This change and the steps to be taken are among the elements that will affect world trade and global growth.
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