Beijing The latest Global Economic Outlook report released by the World Bank on 5 January states that the global economy will grow by 4 percent in 2021, along with widespread use of the Kovid-19 vaccine. According to the report, growth is expected to be restored in 2021 after a 4.3 percent decrease in global GDP in 2020. The Kovid-19 epidemic has put millions of people in poverty and will likely curb economic activity and income for a long time in the future. The primary policy focus of various economic communities in the near future to support economic recovery is to control the spread of the epidemic and ensure the rapid and widespread use of vaccines as well as to invest and improve and sustainable development of government debt. There needs to be a goal of reducing dependence on.
US economy contraction and China’s economy expected to rise –
According to the report, the global economic collapse in 2020 will be slightly lower than before due to the smaller economic contraction of developed economic communities and the stronger recovery of China’s economy than expected. It is estimated that in 2020 the economies of developed economic communities and emerging markets and developing economic communities will contract by 5.4 percent and 2.6 percent respectively. Among them, there will be a contraction of 3.6 percent in the US economy and China is expected to grow by 2 percent. It is estimated that in 2021, the economies of developed economic communities and emerging markets and developing economic communities will grow by 3.3 percent and 5 percent respectively. Among them, the US and Eurozone will grow by 3.5 percent and 3.6 percent and China’s economy will grow by 7.9 percent.
Corona epidemic will have to be effectively controlled –
The report also noted that global economic growth is still very uncertain and may have different development outcomes. Global economic growth is likely to be limited to 1.6 percent in 2021 in the face of continued growth in infection rates and delayed adverse vaccine conditions. But if the epidemic is effectively controlled and the vaccination process is speeded up, global economic growth is likely to increase to around 5 percent.