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August 11, 2021

BioNTech to lift the German economy – leading macroeconomic influencers

German start-up alone could lift Europe’s largest economy by 0.5% in 2021.

Some economists believe that it is rare for a single company to have such a large macro impact. However, BioNTech’s latest earnings show that the start-up expects to accumulate $18.63bn in revenues from its vaccine production this year, up from an earlier prediction of $14.53bn.

Alberto Bagnai

Alberto Bagnai, an associate professor of economic policy at the Gabriele d’Annunzio University and member of the Italian Senate of the Republic, retweeted an article shared by Philipp Heimberger, an economist at the Vienna Institute for International Economic Studies, on biotechnology start-up BioNTech likely to lift the German economy by up to 0.5% in 2021. This accounts for nearly one-eighth of the overall GDP growth this year.

The German economy has been growing by approximately 4% in 2021, following a pandemic related dip by 4.6% in 2020. The country’s GDP stood at about $3.87trn in 2020, but the successful production and development of its coronavirus vaccine is likely to directly impact its economic growth.

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Gregory Daco

Gregory Daco, chief US economist at Oxford Economics and former National Association for Business Economics (NABE) board director, retweeted an article written by Christopher Rugaber, a Federal Reserve and economy reporter, on St. Louis Federal Reserve Bank President James Bullard’s comments on the US Fed fighting the last war, while some officials still underestimating the economy’s pace of improvement, which has far outpaced the recovery from the 2009-2009 recession.

Pointing to a recent jobs report, Bullard states that a robust job growth could support Fed’s tapering soon. The report highlighted healthy job gains with 943,000 jobs being added in July, which meant that the economy was progressing and required less dependence on the stimulus efforts. As a result, the Fed could reduce its $120bn monthly bond purchases that began in March 2020 when the Covid-19 pandemic hit the US.

Bullard believes that the full recovery of the labour market is a more tangible goal, while tapering of asset purchases could end by the first quarter of 2022. Therefore, a strong job growth of 750,000 over the next eight months and until March 2022, for instance, could bring the US economy back to its pre-pandemic jobs level.

João Pedro Azevedo

João Pedro Azevedo, lead economist at the World Bank and former superintendent of monitoring and evaluation at the Secretary of Finance from the State of Rio de Janeiro and a research fellow from the Brazilian Institute of Applied Economic Research, shared an article on India experienced a grade inflation during the pandemic, where grade 12 results increased by 16%.

In a year of less learning and marred education, India’s education boards showed top grade 12 results, indicating a sign of urgent reform. In addition, almost every student across educational boards passed the grade 12 examination this year. Some boards such as the Central Board for Secondary Education (CBSE), showed that the number of students with 95% marks or more has more than doubled since 2020.

Educationists claim that the post-pandemic results and performance of the students are inexplicable and will pose new challenges for learners, who will now have to prove themselves even better above a majority of toppers.

 

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