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Article | July 13, 2021
BEFORE the pandemic, GDP growth rates in the developing world were always higher than in developed economies.And because developing economies had much lower levels of petrochemicals consumption than their rich counterparts, it meant that the multiples over GDP were higher than in the rich word, where consumption was pretty much saturated.
For instance, polyethylene (PE) demand in a developed country such as Germany might have grown at 0.3% times GDP whereas in Indonesia the growth could have been one or more times higher than the rate of growth in GDP.But as The Economist wrote in this 11 July article: “In 2021 the poorest countries, which are desperately short of vaccines, are forecast to grow more slowly than rich countries for only the third time in 25 years.”
Might the multiples over GDP growth also be adversely affected in the developing world, trending lower than the historic norms?
They will almost certainly remain higher than the rich countries. But here is the thing: as millions more people are pushed back into extreme poverty by the pandemic or are denied the opportunity to achieve middle-income status, I believe that developing-world multiples may well decline.Escaping extreme poverty means being able to, say, afford a whole bottle of shampoo for the first time rather than a single-serve sachet, thereby raising per capita polymers consumption.
Do you fancy a piece of Petrochemical Pie? As the demand for refined products is falling and demand for petrochemical products is increasing, it is vital that refiners consider petrochemical integration, which offers increased flexibility and a competitive edge. Learn more below about the benefits, considerations and recent projects, and, how the double whammy of the oil price crash and the COVID-19 pandemic is affecting the petrochemical market.
Coronavirus (covid-19) has developed rapidly and is already impacting significant parts of the global economy. Within this context the petrochemical industry is also being severely affected through short-term market uncertainties, pricing volatility and declining consumption in many of its key segments. The most visible outcome is emanating from China where economic activity has declined sharply in February and is forecast to remain low over the next few months. The effect of China’s economic slowdown is now resulting in consequences in other regions – “when china sneezes, the whole world catches a cold”.
The landscape of biological and chemical logistics has changed rapidly - as have the regulatory frameworks around it. What has not necessarily kept pace is the end-user understanding of the nature of these logistical processes, their opportunities and their constraints. Twenty years ago, the transmission of biological and chemical materials was limited to a small range of organisations: usually national and international research companies, hospitals, major university departments, police and military departments with forensic responsibilities.
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