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'Inflation will remain higher in G20 economies for two years'

A leading global agency has forecast that prices in the G20 countries will grow faster than pre-pandemic for at least two years.

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'Inflation will remain higher in G20 economies for two years'
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Higher commodity prices and shipping costs are pushing up inflation, Paris-based policy forum the OECD said.

The UK is expected to have inflation running at about 3% at the end of 2022, the highest rate of the advanced economies, the OECD said.

By contrast, inflation is expected to fall in the US, France, and Germany.

Inflation has picked up around the world due to higher costs of raw materials, constraints on the supply of goods, stronger consumer demand as economies reopen, and prices bouncing back from drops during the pandemic in some sectors, it said.

A sharp rebound in consumer demand coupled with supply disruptions and depleted stores of goods have pushed up prices and shipping costs around the world.

Persistent supply shortages could lead to a longer period of higher inflation, the OECD said.

The OECD expects the rate of inflation in the G20 to moderate from 4.5% at the end of 2021 to 3.5% by the end of 2022.

However, the OECD said that "sizeable uncertainty remains" about this forecast.

"Faster progress in vaccine deployment, or a sharper rundown of household savings would enhance demand and lower unemployment but also potentially push up near-term inflationary pressures," it said in a report.

"Slow progress in vaccine rollout and the continued spread of new virus mutations would result in a weaker recovery and larger job losses."

Some economists have said the UK inflation rate will drop as inflationary pressures ease, but others have said massive amounts of government borrowing and spending could lead to high levels in inflation.

SOURCE: BBC NEWS 

Faisal Ali Ghumman

Faisal Ali Ghumman is a senior editor at GNN, known for writing top quality content which garner very high readerships and has been covering every field of journalism, including politics, media, sports and scholarly articles. Faisal Ali Ghumman is nothing less than a Veteran Editor and has been writing for GNN for the past 4 months.

Entertainment

‘First in world’; BTS’ Jimin gets customized helicopter birthday banner for exclusive routes in US, Australia

On his 26th birthday, the artist became the first person in the world to receive a customized helicopter birthday banner for exclusive routes in the United States (US) and Australia.

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‘First in world’; BTS’ Jimin gets customized helicopter birthday banner for exclusive routes in US, Australia

Seoul: Renowned K-POP idol and member of boyband BTS, Park Jimin continues to set records as the first person in the world with different highly innovative and grand-scale birthday support projects. 

On his 26th birthday, the artist became the first person in the world to receive a customized helicopter birthday banner for exclusive routes in the United States (US) and Australia.

The exclusive birthday-themed banner will be up to 35 meters long for both the US and Australia routes, which is a giant size to ensure visibility. Both flights will have a specialized light aerobatic aircraft utilized for the birthday project.

In US, the banner will pass through famous sites including the Statue of Liberty and the George Washington Bridge—a strategy that will foster drawing attention to the project. 

The US flight will be for 3 hours, which is also a long period to ensure enough buzz for the project—ensuring a grand-scale promotion for Jimin in the most sophisticated way imaginable.

For the Australian route, the flight will be on Gold Coast, and the duration will be two hours.

The Australian route will include a highlighted tourist resort named after the 42 km of golden sandy beach—adding prestige to the project.

In addition to incredible birthday support projects, fans known as ARMY are also showing their love to the singer through various hashtags on Twitter.

To commemorate BTS Jimin's birthday today, Ukraine ARMYs have also prepared a "first-in-the-world" project that involves the ‘Serendipity’ singer being featured on the biggest LED screen in all of Europe.

Another birthday support project for BTS member Jimin that is also the first in the world is a digital ad in Kyoto, Japan. Jimin became the first foreign artist to be featured on that ad space in the country.

The advertisement will run for a week.

Moreover, ARMYs in France are celebrating BTS Jimin's birthday by lighting up the Eiffel Tower, which is a famous landmark in the city.

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Pakistan

COVID-19: Pakistan reports 1,004 cases, 28 deaths

According to National Command and Operations Center (NCOC), around 1,004 cases of coronavirus were reported while 28 people succumbed to the disease in the last 24 hours, taking the total death toll to 28,134.

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COVID-19: Pakistan reports 1,004 cases, 28 deaths

Islamabad: Amid a steady decline in Covid-19 infections, Pakistan's coronavirus positivity ratio further fell to 2.31% with 1,004 new cases.

According to National Command and Operations Center (NCOC), around 1,004 cases of coronavirus were reported while 28 people succumbed to the disease in the last 24 hours, taking the total death toll to 28,134.

Pakistan is presently experiencing the fourth wave of coronavirus which is said to be deadlier and more contagious than the previous three COVID waves.

The total number of cases has reached 1,258,959.

As many as 1,188,562 patients have recovered from the disease with 2,473 critical cases.

Punjab

The number of patients swelled to 436,197 in the province with 12,785 causalities.

Sindh

The number of infections has surged to 462,859 in the province, while the death toll has reached 7,497.

Khyber Pakhtunkhwa

The confirmed cases have surged to 175,974 in the province with 5,645 casualties.

Balochistan

There are 33,076 confirmed cases while 350 patients have died from the infection so far.

AJK and Gilgit-Baltistan

There are 34,350 coronavirus cases in the AJK while the death toll has reached 739. On the other hand, there are 10,350 cases in GB with 186 coronavirus deaths.

Islamabad

There are 106,153 cases in the capital city while 932 people have lost their lives. 

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Entertainment

Marvel’s Eternals soundtrack to feature ‘Friends’ by BTS 

The full soundtrack from the upcoming Marvel film Eternals was recently unveiled.

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Marvel’s Eternals soundtrack to feature ‘Friends’ by BTS 

Seoul: Friends, a song produced by BTS’ Jimin and V is reportedly being featured in the latest installment of Marvel Film "The Eternals" directed by Chloe Zhao. The song was produced by band member Jimin.

The full soundtrack from the upcoming Marvel film Eternals was recently unveiled. Apparently, the information came from a document that Disney released.

The news got confirmed when Marvel News shared a list of songs included in the soundtrack for Eternals. 

Beside Friends, the included songs are Celine Sharma’s Nach Mera Hero, Juice by Lizzo, and Time by Pink Floyd. 

Fans became excited and took it to Twitter as 'PRODUCER JIMIN,' and 'VMIN' started to take over internet trends in multiple countries.

Written by Matthew and Ryan Firpo, Eternals has a huge ensemble cast— featuring Richard Madden, Gemma Chan, Kumail Nanjiani and others.

The upcoming film is confirmed to be set partially in the past and in the future. 

The Marvel franchise is set to hit cinemas on November 5, 2021.  

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