Global Economy: World Bank projects 4% expansion in 2021
Latest report by the World Bank has projected a 4% expansion of the global economy in 2021, marking a return to growth after the COVID-19-induced recession of 2020. It, however, highlighted vaccine deployment and investment as key to sustaining the recovery.
“While the global economy appears to have entered a subdued recovery, policymakers face formidable challenges—in public health, debt management, budget policies, central banking and structural reforms—as they try to ensure that this still fragile global recovery gains traction and sets a foundation for robust growth.
“To overcome the impacts of the pandemic and counter the investment headwind, there needs to be a major push to improve business environments, increase labor and product market flexibility, and strengthen transparency and governance,” said World Bank Group President David Malpass.
The latest #WBGEP2021 report projects the global economy will expand 4% in 2021—marking a return to growth after the 2020 recession. But substantial risks remain, and the recovery is expected to be subdued. https://t.co/1GVnX6Z74z #InclusiveRecovery pic.twitter.com/lEQ6IuzLJV
— World Bank (@WorldBank) March 28, 2021
Amaka E. Nliam
