In the final stages of a year marked by the consequences of the pandemic, both health and economic, we are facing the start of mass vaccination worldwide. The speed of this process, as well as its effectiveness, will determine the speed of recovery in the economic scenario. On the other hand, the increase in cases after the central months of the year, and the increase in restrictions on mobility and activity in many countries that had completed their de-escalation, increased uncertainty during the fourth quarter of this year. These two circumstances define the current projections, as they will shape the evolution of the main economic indicators in the coming year.
