Economic recovery under threat amid surging COVID cases and lagging vaccination in poorer countries
Widening inequality casts a shadow over projected 5.4% global growth in 2021
While the global growth outlook has improved, led by robust rebound in China and the United States, surging COVID-19 infections and inadequate vaccination progress in many countries threaten a broad-based recovery of the world economy, says the latest United Nations forecast released today.
According to the World Economic Situation and Prospects (WESP) mid-2021 report, following a sharp contraction of 3.6 per cent in 2020, the global economy is now projected to expand by 5.4 per cent in 2021, reflecting an upward…
World Economic Situation and Prospects as of mid-2021
A once-in-a-century crisis?a Great Disruption unleashed by the COVID-19 pandemic?hit the world economy in 2020. The pandemic reached every corner of the world, infecting more than 90 million and, so far, has killed close to 2 million people worldwide. Governments around the world responded rapidly?and boldly?to stem the health and economic contagion of the crisis. Fiscal and monetary stimulus packages were quickly rolled out to save the economy. The crisis responses, however, entailed difficult choices between saving lives and saving livelihoods, between speed of delivery and efficiency, and between short-term costs and long-term impacts.
"We are facing the worst health and economic crisis…
World Economic Situation and Prospects 2021
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