Global economy may expand 5.6% in 2021
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Washington: The global economy is expected to expand 5.6 per cent in 2021, the fastest post-recession pace in 80 years, largely on strong rebounds from a few major economies, the World Bank said on Tuesday, noting that despite the recovery, global output will be about two per cent below pre-pandemic projections by the end of this year. In its latest edition of Global Economic Prospects, the World Bank said that at the same time many emerging markets and developing economies continue to struggle with the COVID-19 pandemic and its aftermath. "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.
