Covid-19 numbers are continuing to fall in many regions. With 262,267 new cases, North America saw the sharpest drop (-20%) between 19 and 25 May, followed by Europe with 440,181 cases (-19%). However, Asia (excluding India) saw cases rise 2.5% and South America 9% (chart 1). Vaccination campaigns are continuing to make headway around the world. In the EU, the percentage of people who have received at least one dose is now above or close to the symbolic 40% level in several member states (chart 2).
With the fall in Covid-19 cases and rising vaccination levels, retail and recreation mobility continues to rise. Only Belgium saw a decrease last week, but its level remains the highest in Europe. In the US, mobility is almost back to normal. However, it is continuing to decrease in Japan, with the seven-day moving average down 22% compared with the reference level (chart 3).
Finally, the OECD weekly tracker (a proxy for year-on-year GDP growth) is generally continuing to fall in the main developed countries. In Germany, however, it has recently improved and it is stabilising in Belgium (Chart 3). The OECD tracker is based on Google Trends data, reflecting internet searches regarding consumption, labour markets, housing, industrial activity and economic uncertainty. However, the comparison with a very low base one year ago may distort the numbers.
