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The World Bank’s latest “Global Economic Outlook” report released on the 5th said that based on estimates that the new crown vaccine will be widely used, it is expected that the global economy is expected to grow by 4% in 2021.
The report said that global GDP is expected to resume growth in 2021 after shrinking by 4.3% in 2020. The new crown epidemic has caused millions of people to fall into poverty and may curb economic activity and income for a long time in the future. In order to support economic recovery, the primary policy focus of the economies in the near future is to control the spread of the epidemic, ensure the rapid and widespread deployment of vaccines, and at the same time carry out investment reforms to target sustainable growth that is less dependent on government debt.
According to the report, due to the smaller economic contraction in advanced economies and the stronger recovery of China’s economy than expected, the global economic collapse in 2020 will be slightly lower than previously estimated. It is expected that the economies of advanced economies and emerging markets and developing economies will be different in 2020. Shrink 5.4% and 2.6%. Among them, the US economy contracted 3.6%, and the Chinese economy is expected to grow by 2%. It is estimated that in 2021, the economies of advanced economies, emerging markets, and developing economies will grow by 3.3% and 5%, respectively. Among them, the economies of the United States and the Eurozone will grow by 3.5% and 3.6%, respectively, and the Chinese economy is expected to grow by 7.9%.
The report also pointed out that the outlook for global economic growth is still highly uncertain, and different growth results may occur. Under the unfavorable circumstances of the continued increase in the infection rate and the delayed introduction of the vaccine, global economic growth in 2021 may be limited to 1.6%. But if the epidemic is effectively controlled and the vaccination process is accelerated, global economic growth may increase to nearly 5%.
The report quoted World Bank President Malpass as saying that although the global economy seems to have entered a moderate recovery, to ensure the momentum of recovery and create a foundation for strong growth, policymakers still face major challenges, involving public health, debt management, and budgeting. Policies, central banks and structural reforms. He said that in order to overcome the impact of the epidemic and deal with investment risks, it is necessary to vigorously improve the business environment, increase labor and product market flexibility, and strengthen transparency and governance.
