In 2020 the global economy fell into recession with a reported contraction of 4.3%. This contraction brought about by the far-reaching effects of the Covid-19 pandemic resulted in the fourth most severe global recession in the past 150 years. Despite the pandemic’s detrimental effects and the deep recession, the Global Economic Prospects report released by The World Bank expects the global economy to recover in 2021.
Subdued Growth Projections
Despite global economic output recovery, ...
