Last Updated July 2022

United States: The Fed raised the target for the fed funds rate by half a point to 1.5%–1.75% in June 2022, the second consecutive rate hike and the biggest rise in borrowing costs since 2000, aimed at tackling soaring inflation. (July 8).

An overall stimulus package worth $7.8 trillion (34% of GDP).

China: Overall fiscal stimulus worth $977.3 billion (5.7% of GDP). China announced a special bond of about $220 billion as a fiscal stimulus measure to support infrastructure spending. (July 7).

China rolled out a broad 33-point package of measures to support businesses and stimulate demand through a package which includes 140 billion yuan ($29 billion) in additional tax rebates and 300 billion yuan in railway construction bonds. (May 29).

The UK: Stimulus package worth $996 billion. (31.6% of GDP).

The Bank of England implemented a fifth consecutive interest rate hike. The Monetary Policy Committee decided to increase the Bank Rate by 25 basis points to 1.25%. (Jun 6)

Japan: Total stimulus package worth $3.4 trillion (65.5% of GDP).

The Bank of Japan left its key short-term interest rate unchanged at -0.1% and kept the target for the 10-year Japanese government bond yield at around 0% in December 2021. (Dec 17)


IMF has revised its 2020 global GDP forecast to -4.4% from an estimate of -4.9% made in June.


The global economy is estimated to contract by 4.2% in 2020 and bounce back by 5.3% in 2021.

Consensus expects a global recovery, but geopolitics now impacting outlook

- SECTOR IMPACT: Finance -

Last Updated July 2022

Clinical trial market impact


Trial disruption is leveling off and disrupted trials saw a small dip, with 1,032 trials still disrupted and 579 pharma/biotech companies and contract research organisations associated with disrupted clinical trials.


There are currently 3,414 clinical trials underway for Covid-19, including 172 multinational trialsroboto slab and 2,818 single-country trials.

According to a Nikkei survey, the Chinese economy is forecast to grow at a slower pace of 4.1% in 2022 due to its zero-COVID policies. (July 7)

▪ According to the General Statistics Office (GSO), Vietnam expanded by 7.7% on an annual basis in Q2 2022 compared to the 5% growth recorded in Q1 2022, driven by recovery in services output and the sustained expansion of the manufacturing sector. (July 4)

▪ IMF revised its 2022 and 2023 economic growth projections for the US to 2.9% and 1.7%, respectively, in June 2022 from its earlier projection of 3.7% and 2.3% in April 2022. (Jun 25)

▪ The UK economy shrank by 0.3% in April 2022, according to the Office for National Statistics (ONS) due to the impact of price rises and supply chain shortages. (June 13)

▪ World Bank predicts an economic growth rate in the Middle East and North Africa (MENA) region of 5.3% in 2022, an upward revision of 0.9 percentage points from its previous projections due to higher oil prices. World Bank also expects Qatar economy to be the fastest growing among GCC nations in 2023 and 2024. (June 12)

▪ The Deutsche Bundesbank, Germany's central bank, revised its 2022 economic growth projections for Germany to 1.9%, from its earlier projection of 4.2%. (June 11)