Global economy expected to expand by 4 per cent in 2021: World Bank

Washington, January 6: As the COVID-19 vaccine started rolling out in many countries, the World Bank expects that the global economy will expand four per cent in 2021, but will still remain more than five per cent below its pre-pandemic trend. Although the global economy is growing again after a 4.3 per cent contraction in 2020, the pandemic has caused a heavy toll of deaths and illness, plunged millions into poverty, and may depress economic activity and incomes for a prolonged period. The collapse in global economic activity in 2020 is estimated to have been slightly less severe than previously projected, mainly due to shallower contractions in advanced economies and a more robust recovery in China. According to the report, global growth is projected to moderate to 3.8 per cent in 2022, weighed down by the pandemic’s lasting damage to potential growth.

By: R News India 24