Global economic recovery remains precarious ? the projected rebound of 4.7 per cent will barely offset 2020 losses
Global economic outlook
The World Economic Situation and Prospects (WESP) 2021 warns that the COVID-19 pandemic, which has delivered a heavy blow to economic activities worldwide, may exert devastating long-run socio-economic effects, unless global policy responses can ensure a robust and sustainable recovery. Those actions should comprise smart investments in economic, societal and climate resilience, revitalization of global trade, avoidance of premature austerity policies and addressing widening inequalities.
In 2020, world output shrank by 4.3 per cent, over three times…
World Economic Situation And Prospects: February 2021 Briefing, No. 146
As the COVID-19 pandemic outbreak in March 2020 threatened to drag the global economy into a deep and protracted crisis, central banks once again became the first line of defense for countries across the world. In 2020, about 94 monetary authorities have cut their policy rates, often at emergency meetings. Amid acute stress in financial markets, central banks also swiftly deployed a wide range of policy measures, aimed at preventing a liquidity crunch and supporting credit flows.
With interest rates near the zero bound, central banks in the major developed economies largely responded to the crisis through the introduction of quantitative easing measures on an unprecedented scale. The United…
World Economic Situation And Prospects: January 2021 Briefing, No. 145
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