The “great reopening” had a positive impact on the sectors.

In 2021, vaccination activities against the pandemic became effective in a short time. Accordingly, lockdowns and restrictions affecting economic and social activities were gradually lifted for most of 2020. This process, dubbed as the “great reopening”, had a positive impact on the sectors.

And in 2021, there was a controlled return to social activities, indoor activities, educational institutions, public institutions and workplaces, which, in turn, supported economic activities.

In 2021, consumption figures also significantly increased. The need and demand for several products saw rapid growth. The retail industry was marked by a period of “revenge consumption”. This consumption trend and the restrictions’ being eased during the celebration periods in the second half of the year led to a significant expansion of the demand for services and industrial products.

In 2021, governments and central banks continued to support the economy. The new administration in the US expanded its support programs, and central banks around the world, especially the Fed, continued their quantitative easing policies throughout the year. Ongoing support also helped to remedy the labor force loss caused by the pandemic, and the recovery in employment also supported the economies.

With the rising demand in 2021, manufacturing industry production and finished goods trade gained a significantly upward growth momentum. As demand soared, orders were backdated and increased in quantity. This industrial outlook also brought along supply, production, and delivery challenges. Nevertheless, the industry displayed a robust growth performance for most of the year.