A 90-year-old grandmother was the first person in the world to be given a dose of the newly approved COVID-19 jab. This marked the beginning of a mass vaccination programme that is set to end the coronavirus pandemic by next summer.
An effective remedy against the virus that has obliterated the global economy has inspired confidence that better times are ahead in 2021. So, how will this affect global trading?
When news of a potentially successful COVID-19 vaccine broke in November, financial markets boomed with optimism. Shares rocketed in companies that had been most devastated by the pandemic – Ryanair, Carnival Cruises, Cineworld – with investors encouraged by the likely return to normality in the near future.
Although it is still early days, it’s clear that the vaccine has shone a ray of light on market sectors that have been hit hardest by social distancing. The tourism and hospitality industries in particular are predicted to see an enormous snap-back in terms of demand.
How translation can help your business navigate increasing demand
The vaccine breakthrough has prompted hotels, restaurants and hostels resorts to start preparing for the summer season.
A large part of these preparations will involve commissioning the help of a language service provider (LSP) to have the all-important promotional texts translated. It is now more vital than ever to entrust marketing materials to the hands of an experienced team of linguists.
According to the OECD, the global economy will have contracted 4.2% this year which is a revision from 4.5% in September showing that there are already early signs of optimism. They have also forecast a growth rate of around 4% on average over the next 2 years and some semblance of normal trading activities by the end of 2021.
It may come as no surprise that the big pharma industry has also been left unscathed by the pandemic with an average growth of around 10% in 2020 for the top 20 big pharma companies. This is likely to continue as vaccines are rolled out and other medical backlogs are resumed.
There continues to be speculation of how Brexit will affect trade in Europe, but as restrictions are eased on imports/exports globally due to the pandemic, supply chains will be restored and industries such as manufacturing and engineering will be bolstered by the availability of key components in their production plants.
There may be some tempered growth as governments look at ways to cover the costs of pandemic measures, but the outlook is now highly positive that there appears to be the hope of ending the global pandemic.