As for a breakdown by industry, production activity and the trade volume of the manufacturing industry have led the recovery in the global economy; on the other hand, downward pressure has been exerted on the services industry, which is heavily affected by COVID-19, mainly in the countries and regions where progress with vaccinations has been slow.
With regard to the outlook, it warrants attention that the pace of recovery varies across countries and regions depending on the course COVID-19 takes and the impact of public health measures, as well as of macroeconomic policies taken by the respective governments and central banks. That said, the recovery itself has started to take hold.