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World Bank projects fastest post-recession growth in 80yrs

The World Bank Group on Tuesday projected the global economy to expand by 5.6 percent in 2021, the fastest post-recession pace in 80 years, largely on strong rebounds from a few major economies. However, many emerging-market and developing economies continue to struggle with the COVID-19 pandemic and its aftermath, the World Bank said in its June 2021 Global Economic Prospects.

Despite the recovery, global output will be about 2 percent below pre-pandemic projections by the end of this year. Per capita income losses will not be unwound by 2022 for about two-thirds of emerging market and developing economies.

Among low-income economies, where vaccination has lagged, the effects of the pandemic have reversed poverty reduction gains and aggravated insecurity and other long-standing challenges.

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“While there are welcome signs of global recovery, the pandemic continues to inflict poverty and inequality on people in developing countries around the world,” said World Bank Group President David Malpass.

“Globally coordinated efforts are essential to accelerate vaccine distribution and debt relief, particularly for low-income countries. As the health crisis eases, policymakers will need to address the pandemic’s lasting effects and take steps to spur green, resilient, and inclusive growth while safeguarding macroeconomic stability,” he said.

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