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BUSINESS AND ECONOMY1.1 COVID-19 Pandemic Impact on Global EconomyThe pandem...
BUSINESS AND ECONOMY1.1 COVID-19 Pandemic Impact on Global EconomyThe pandemic has caused severe disruptions to the world economy, with GDP growth for 2020 expected to fall below 2% compared to 3.5% in 2019. The tourism industry has been particularly hard hit, with countries implementing strict lockdown measures that have closed borders and ground international flights to a halt. The full impact of the pandemic on the global economy will take some time to assess, but it is already clear that the outlook for 2021 is challenging as well, with most economies expected to remain in recession or face a slow recovery. (source: World Bank)1.2 Prospects for a Global Vaccine RolloutThe rollout of COVID-19 vaccines has started in many countries, with over 1 billion doses administered globally as of mid-2021. However, the vaccines are not evenly distributed, with wealthier countries obtaining larger supplies of doses relative to their population sizes, while poorer countries are still waiting to receive their first doses. If this trend continues, it could widen the gap between rich and poor countries and potentially undermine global efforts to achieve herd immunity. (source: The Lancet) POLITICS AND INTERNATIONAL AFFAIRS2.1 US Presidential Election 2020The US presidential election of November 2020 was a closely fought contest between incumbent President Donald Trump and former Vice President Joe Biden. After months of polling and speculation, Biden was ultimately victorious, and he assumed the presidency in January 2021. The Biden presidency has vowed to reverse some of Trump's more controversial policies, such as the Muslim ban and the rollback of environmental regulations, but faces an evenly divided Congress that could make legislative progress difficult. (source: The Washington Post)2.2 Prospects for US-China Relations under BidenThe incoming Biden administration has signaled a desire to reset US-China relations, which have been strained under Trump's presidency. Biden has criticized Trump's trade war with China and his handling of the Hong Kong protests, and has instead called for a more measured approach that would focus on areas of cooperation, such as climate change and pandemics. However, China's increasing assertiveness in the Indo-Pacific region and elsewhere could pose a challenge to Biden's efforts to reset US-China relations. (source: The New York Times) SCIENCE AND TECHNOLOGY3.1 Development of Rapid COVID-19 TestsThe development of rapid COVID-19 tests that can provide results within minutes has been a welcome development in the fight against the pandemic. These tests have the potential to greatly expand testing capabilities and help identify positive cases more quickly, but they are still relatively expensive and may not be widely available in all areas. Additionally, concerns remain about false negatives and false positives with these tests, which can vary depending on the manufacturer and the specific test used. (source: The New York Times)3.2 SpaceX Crew Dragon Flight TestSpaceX successfully completed a crewed flight test of its Crew Dragon capsule in May 2020, marking the first time in nine years that NASA astronauts have launched from US soil. The test flight carrying NASA astronauts Doug Hurley and Bob Behnken was a crucial step in resuming human spaceflight missions from American soil after the retirement of the Space Shuttle program in 2011. This is an important milestone for NASA's Commercial Crew Program, which aims to rely on private companies like SpaceX to transport astronauts to the International Space Station and other orbital missions. (source: NASA)
