2022 to see monetary decoupling between West and East 

This has not been an easy year despite the strong fiscal and monetary support to Covid-struck economies, especially in the Western world. Such support has allowed the North American and European economies to grow above potential amid repeated waves of Covid-19 and related mobility restrictions even if less severe than in 2020.

On the other hand, the emerging world has grown below potential this year because of limited stimulus policies and even more rigid restrictions on mobility than in the West given the still-low rates of vaccination against the virus that causes Covid-19.

China is an intermediate case in the sense that its economy managed to grow strongly in early 2021 thanks to exports and high domestic mobility, which allowed its factories to open earlier than those of other economies.

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