The global economy is expected to expand 5.6% in 2021, Ria Novosti news agency reported Tuesday with reference to the World Bank’s report. The figure is 1.5% higher that the WB’s previous estimate it made in January.
In its latest edition of Global Economic Prospects, the World Bank noted that the global economy is set for the fastest recovery from recession for more than 80 years, mainly on strong recovery from a few large economies.
“The global economy is expected to expand 5.6% in 2021, the fastest post-recession pace in 80 years, largely on strong rebounds from a few major economies,” the bank said in its report.
The World Bank added that at the same time many emerging markets and developing economies continue to struggle with the COVID-19 pandemic and its aftermath.
In 2022, the World Bank expects the global economy to grow by 4.3%, which is 0.5% higher than its January forecast. In 2020, the bank estimates that global GDP fell by 3.5%.