Global Economy Predicted to Begin Recovering in 2021

Economics & Macro

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Yosepha Pusparisa 03/02/2021 14:10 WIB

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The COVID-19 pandemic caused a global recession. Although a full recovery is not yet expected, the World Bank predicts that global economic growth contracted by 4.3% in 2020 but will grow by 4% in 202

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Global Economy Predicted to Begin Recovering in 2021

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Global Economic Growth

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The Covid-19 pandemic caused a global recession, even deeper than those experienced during World War and the Great Depression. Although economic conditions are starting to improve, a full recovery is not yet predicted.

The consequences of the Covid-19 pandemic are significant. The pandemic claimed many lives, plunged millions into extreme poverty, and continues to hinder activity, resulting in lower incomes than before the pandemic. This trend is predicted to continue in the future, according to a World Bank report.

According to World Bank estimates, global economic growth contracted by 4.3% in 2020. This figure is 0.9 percentage points higher than the June 2020 prediction. Meanwhile, the prediction for 2021 shows economic growth of 4%, down 0.2 percentage points from the previous estimate.

China's economic growth is expected to surge to 7.9% in 2021. This is especially noteworthy considering that while almost all countries in the world experienced a recession the previous year, China's economy still grew by 2%.

Editor : Muhammad Ahsan Ridhoi

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."