As national restrictions to fight the COVID-19 pandemic crisis were progressively lifted in the first half of the year, OECD countries have been experiencing positive economic growth throughout 2021. In 2021-Q3, average GDP grew by 1.10 percent relative to 2021-Q2 and by 4.60 percent relative to 2020-Q3. The average unemployment rate is at 5.93 percent, about half a percentage point lower than in the previous quarter. There is a moderate inflation rate, reflecting the economic recovery, with prices having increased by 1.31 percent relative to the previous quarter and 4.36 percent relative to the same period of the previous year. The latter follows from the high inflation rate in the United States. According to the OECD economic outlook, GDP is expected to continuously grow and to stabilize at an annual growth rate of about 5.0 percent in 2022, while unemployment is going to gradually decline, reaching 5.7 percent by the end of next year. Inflation is expected to be strong throughout the following quarters, exceeding 3 percent towards the end of 2021, and to stabilize at 2.3 percent in 2022. These predictions are based on the expectation that economic activity will gradually transit towards normalcy.

January 2022