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, the growth rate will remain below pre-pandemic trends for an extended period. Financial analysts project that the worldwide output will expand by 4% in 2021.
The global output projections derived from both advanced and developing economies:
Advanced economies
American GDP fell by 3.6% in 2020 and is forecast to expand 3.5% in 2021.Europe’s output declined by 7.4% in 2020, while its anticipated growth is 3.6% this year.Japan’s activity shrank by 5.3% in 2020, with forecasts indicating 2....
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