Global growth to get back to normal by H2 2021: IMF Filed on January 6, 2021
The pandemic is expected to cost the global economy at least $11.5 trillion, including $5 trillion to $5.6 trillion in GDP
The IMF said in a recent forecast that it expects global growth in 2021 to rebound to 5.2 per cent after a 4.4 per cent contraction last year
Global economic growth should get back to normal by the second half of 2021 as the Covid-19 vaccine rollout picks up momentum across the planet, according to Gita Gopinath, chief economist at the International Monetary Fund.
However, the IMF forecaster cautioned that the recovery would be uneven depending on the distribution of Covid-19 vaccines.
Global Economy to Expand by 4% in 2021; Vaccine Deployment and Investment Key to Sustaining the Recovery Global Economy to Expand by 4% in 2021; Vaccine Deployment and Investment Key to Sustaining the Recovery
Photo credit: World Bank Group
WASHINGTON, Jan. 5, 2021 – The global economy is expected to expand 4% in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year. A recovery, however, will likely be subdued, unless policy makers move decisively to tame the pandemic and implement investment-enhancing reforms, the World Bank says in its January 2021 Global Economic Prospects.
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
Financial News
World Bank warns global debt to reach new high at 99% of 2020 GDP The global community needs to act rapidly and forcefully to make sure the recent debt accumulation does not end with a string of debt crises, a senior official said By Wednesday January 6, 2021 3:02 pm
Global government debt is expected to reach 99% of GDP in 2020 – a new record – as governments scrambled to support their economies as they ground to a halt under lockdowns to prevent the spread of Covid-19, the World Bank has said.
The World Bank’s Global Economic Prospects 5 January report said that the Covid-19 pandemic has made the “massive increase” in global debt levels “more dangerous”.
09:04 | Lima, Jan. 6. The World Bank has projected that Peru will be one of the countries with the strongest economic growth in Latin America and the Caribbean this year, with a forecast of 7.6% growth in 2021.
This was disclosed in the January 2021 edition of the Global Economic Prospects report, which predicts a 12% contraction for Peru in 2020. Growth in Peru is poised to recover to 7.6% this year after suffering one of the region s deepest recessions in 2020 amid a particularly large COVID-19 outbreak (.), the multilateral organization said.
The World Bank stated that growth in Peru will benefit from rising copper prices and ongoing easy monetary policy.
Sierra Leone Telegraph: 06 January 2021:
The global economy is expected to expand 4% in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year. A recovery, however, will likely be subdued, unless policy makers move decisively to tame the pandemic and implement investment-enhancing reforms, the World Bank says in its January 2021
Global Economic Prospects.
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.