2021: A year of recovery, reopening and reflation

2021 was a year marked by recovery and reflation due to COVID-19 resurgence and supply chain bottlenecks resulting in record high pricing. The global economy continues to operate in a multi-speed fashion, with each region rising or falling depending on the impact of COVID-19’s successive variant waves, the amount of fiscal and monetary support, and the level and type of exposure to commodities.