There is a view that this increase has been driven mainly by digital- and labor saving-related investments, investment intended for construction of logistics facilities on the back of an expansion in e-commerce, and investment related to urban redevelopment projects. Production and exports have also continued on their uptrend, albeit with fluctuations, with the waning of supply-side constraints (Chart 3).
The rapid development of vaccines and their rollout have improved the global outlook and lessened some of the downside risks. The plan for further fiscal stimulus in the United States has also improved growth prospects there. The result has been a reassessment by investors of the outlook for inflation and interest rates around the world.