Tables and Graphs
1. General assessment of the macroeconomic situation
Figure 1.1. The global recovery has outstripped expectations but is not completeFigure 1.2. The labour market recovery is only partial in most countriesFigure 1.3. The momentum of the recovery has easedFigure 1.4. Car production and sales are both contractingFigure 1.5. Regional value chains are important in the motor vehicle sectorFigure 1.6. Supply-side constraints are depressing car production in 2021 and weighing on GDPFigure 1.7. Supply chain disruptions are affecting many firms and are expected to persistFigure 1.8. Supply constraints have pushed up delivery times and slowed global tradeFigure 1.9. Labour shortages have emerged at an early stage of the recovery Figure 1.10. Aggregate wage pressures remain moderate despite large rises in some sectorsFigure 1.11. Inflation expectations have moved up, but expected wage growth is little changedFigure 1.12. Fossil fuel prices have surged, pushing up electricity generation costsFigure 1.13. Headline inflation has increased but is mainly concentrated in goodsFigure 1.14. Financial market conditions generally remain favourableFigure 1.15. Differences between annual inflation rates computed with counterfactual and official weightsFigure 1.16. Vaccination rates are high in most advanced economies, but still low in many other countriesFigure 1.17. The recovery will continue to divergeFigure 1.18. Household saving ratios are projected to return to normal, but the accumulated stock of “excess” savings is not expected to be run downFigure 1.19. World trade is rebounding quickly, helped by strong growth in Asian tradeFigure 1.20. Labour market conditions are projected to improve furtherFigure 1.21. Inflation is projected to peak by early 2022 in most countries but remain above pre-pandemic levelsFigure 1.22. Trimmed-mean estimates of inflation pressures are now risingFigure 1.23. The pandemic triggered a shift in consumption from services to goods, especially in the United StatesFigure 1.24. Food, transport and housing account for a larger share of the budgets of lower-income householdsFigure 1.25. A further short-term rise in energy prices would hit growth and add to inflationFigure 1.26. Debt levels have swollen, especially for companiesFigure 1.27. Housing valuations are stretched in many countriesFigure 1.28. Corporate bankruptcies are still subduedFigure 1.29. Share of larger firms “at risk”Figure 1.30. Debt has increased substantially in many emerging-market economiesFigure 1.31. Indicators of fiscal and external vulnerabilities in emerging-market economiesFigure 1.32. Bond yields indicate a significant rise in currency risk in emerging-market economiesFigure 1.33. A sharp slowdown in China would hit growth and trade around the worldFigure 1.34. Changes in asset holdings by major central banks since December 2019Figure 1.35. Many emerging-market economy central banks have tightened monetary policyFigure 1.36. The fiscal stance is normalising as crisis-related support is withdrawnFigure 1.37. General government gross financial liabilitiesFigure 1.38. The fiscal spending and revenue mixes are evolvingFigure 1.39. Projected public investment increases are welcome but often too modestFigure 1.40. CO2 emissions in World Energy Outlook scenarios over time, 2000-2050