South Africa among the countries most heavily affected by COVID-19
Based on the current trajectory of COVID-19 daily confirmed cases, South Africa is among the most heavily affected countries in the world, with a forecast of 500,000 total confirmed cases in the next two weeks. Given that it is one of the most developed countries in Africa, its struggle to control the surge of new cases does not bode well for other African countries with far fewer resources, says GlobalData, a leading data and analytics company.
Bishal Bhandari, PhD, Senior Epidemiologist at GlobalData, comments: “GlobalData does not predict that South Africa will see significant decreases in new cases soon, due to inadequate control of the pandemic. Resource constraints are limiting South Africa’s ability to conduct meaningful testing and contact tracing for COVID-19 cases. A strict lockdown might have to be reintroduced to get the pandemic back under control.”
Temporary tax relaxation right ingredient to revive vehicle sales in Indonesia, says GlobalData
Following the news that the Coordinating Ministry for Economic Affairs approved the Ministry of Industry’s proposal to relax the Sales Tax on Luxury Goods (PPnBM) of motor vehicles in stages during 2021;
Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData, a leading research and consulting company, offers his view:
“The move will give a positive boost to the Indonesian automotive industry, which has been under depression due to the COVID-19 pandemic. Car retail sales in full year 2020 steeply declined by 44.7%, according to industry body GAIKINDO.
“The government’s earlier stimulus package and measures such as subsidising car loans to boost vehicle demand largely proved to be inadequate and stakeholders including OEMs, component manufacturers and Ministry of Industry has been, for long, demanding a temporary tax waiver. The temporary exemption or reduction will make the cars more affordable and encourage customers to purchase vehicles. However, on the flipside, the government will have to bear revenue losses.
Japan cities to be deprived of economic gains from Tokyo Olympics amid COVID-19 resurgence, says GlobalData
The resurgence of COVID-19 cases across Japan in winter season and the delay in mass inoculation process are likely to reduce the gains expected for the local economies during Tokyo Olympics, thereby delay the economic recovery of Japanese cities in 2021, according to GlobalData, a leading data and analytics company.
Since the beginning of January 2021, COVID-19 cases started rising rapidly in Japan. The five prefectures Tokyo, Osaka, Aichi, Fukuoka and Shizuoka together accounted for around 50% of total confirmed COVID-19 cases in the country. Tokyo accounted for around 25% of total cases in the country.
To contain the spread, the government declared state of emergency since 7 January 2021 in Tokyo, Kanagawa, Saitama and Chiba and further expanded to seven more prefectures. Although, the move resulted in a quick reduction in the number of daily new cases, the medical system has been overburdened with rising cases of hospitalization. The restriction was further extended till 7 March across 10 prefectures, including Tokyo.
Mobile wallet payments in South Korea to surpass US$500bn in 2024, reveals GlobalData
South Korea is a well-developed payments market, with consumers preferring cashless payment. While credit cards are the mostly preferred payment method, mobile wallet payments transaction value is expected to reach KRW581.3 trillion (US$503.5bn) in 2024, according to GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Payment Instrument Analytics reveals that the mobile wallet payments transaction value grew from KRW12.0 trillion (US$10.4bn) in 2016 to an estimated KRW209.7 trillion (US$181.6bn) in 2020.
Sowmya Kulkarni, Banking and Payments Analyst at GlobalData, comments: “South Koreans are well-accustomed to mobile wallets, with the country ranking one amongst the top globally, in terms of per capita spending using mobile wallets. High smartphone and Internet penetration, coupled with government’s push towards cashless transformation have supported this growth.”
The ongoing COVID-19 pandemic has further accelerated the adoption of mobile wallets in the country, as consumers are increasingly opting for payments through mobile wallets due to the fear of contracting virus through the usage of cash and cards.