The World Bank Projects 5% Global Economic Growth in 2021

Economics & Macro

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Yosepha Pusparisa 24/11/2020 16:24 WIB

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The IMF projected a 3.8% contraction in the global economy in 2020. However, this improved to 5% growth in 2021, supported by fiscal and monetary stimulus and increased economic activity.

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The World Bank Projects 5% Global Economic Growth in 2021

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World Economic Growth (Year on Year)

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The COVID-19 pandemic has shaken the global economy. World economic growth this year is expected to remain contracted. Furthermore, from Q1 2020 to Q3 2020, the global economy consecutively remained below 0%.

In 2019, the world's gross domestic product (GDP) still grew by 2.8%. The COVID-19 pandemic caused a global crisis, leading Bank Indonesia (BI) to project economic contraction of up to 3.8% in 2020.

Nevertheless, BI projects that global economic growth will rebound to 5% in 2021. This is because global GDP began to improve since Q3 2020. This condition is attributed to fiscal and monetary stimulus, coupled with increasing public mobility and economic activity.

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."