Economic Developments  Impact of COVID-19 on Services Sector Level of Economic Activity in Services Sector 110  COVID-19 Vaccination Rate  s.a., CY 2019 = 100  80  100  70  90  60 Accommodations, eating and drinking services  80  % Japan United States European Union  50  70  40 Services for amusement and hobbies  60  30  50  20 Nonmanufacturing  40  10  30 Jan. 19  Jul.
An approach that can deliver growth and jobs, and sustain social models, without creating an unsustainable debt burden for future generations. In my view, this requires two complementary responses. The first response is to ensure that fiscal consolidation, which is necessary to contain debt levels, is made as growth-friendly as possible. For instance, relying less on tax increases would help sustain citizens’ disposable income.