The global economy is most likely to expand by 4% in 2021, with the immediate policy priorities focused on controlling the spread of coronavirus and ensuring rapid and widespread vaccine deployment as well as strategic investments.
This was disclosed in the Global Economic Prospects January 2021 report released by the World Bank.
Although the global economy is growing again after a 4.3% contraction in 2020, the pandemic has caused a heavy toll of deaths and illness, plunged millions into poverty, and may depress economic activity and incomes for a prolonged period.
Top near-term policy priorities are controlling the spread of COVID-19 and ensuring rapid and widespread vaccine deployment. To support economic recovery, authorities also need to facilitate a re-investment cycle aimed at sustainable growth that is less dependent on government debt. According to Vice President and World Bank Group Chief Economist, Carmen Reinhart