The global economy is expected to grow by 5.6 per cent in 2021 at the latest, the fastest pace since a recession in 80 years, most with a strong comeback from a number of large economies, the world bank said on Tuesday, noting that, in spite of a recovery in the global production of nearly 2% during the pre-pandemic and forecasts, by the end of this year.
In the latest edition of Global Economic Prospects, the world bank, saying that at the same time, many emerging markets, and emerging economies will continue to struggle with the COVID-19 pandemic and its impact.
“In spite of this, there are encouraging signs of a global recovery from the dogurmalıdır pandemic, poverty and inequality, between people in developing countries around the world,” said World Bank Group President David Malpass.
Global co-ordination of efforts, as needed, in order to speed up the distribution of vaccines in reducing the burden of debt, especially for low-income countries. The health crisis eases, the will of the politicians believe that the long-term impact of the pandemic, and the measures to promote green, sustainable, and inclusive growth, while maintaining macroeconomic stability,” Malpass said.
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The report also pointed out that the loss of per-capita income, which will be eliminated by 2022-about two-thirds of the countries present in the market, and the emerging economies of asia.
In low-income countries, where vaccination has been off the effects of the pandemic, has reversed the gain and the reduction of poverty, and this is aggravated by a climate of insecurity, and other underlying issues.
The report also pointed out that the loss of per-capita income, which will be eliminated by 2022-about two-thirds of the countries present in the market, and the emerging economies of asia.
Among the major economies, the US economic growth is expected to reach 6.8 per cent this year, which is a reflection of a fiscal aid and relief to the virus restrictions.
The growth in the developed countries is in addition to, but to a lesser extent.
Among the emerging markets and developing countries, China is expected to grow at 8.5 per cent this year, reflecting the continued weakness in demand, the Bank said in a statement.
Emerging markets and developing economies as a whole is expected to grow by 6 percent this year, driven by higher demand and higher raw material costs.
However, efforts to make the recovery of the patient, in the case of COVID-19, and the lag is for the vaccination of progress, as well as the drop in support for a policy, in some cases, according to the report.
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“With the exception of China, the bounce rate for this group of countries is expected to be a much more modest 4.4 per cent. The recovery of the new and emerging economies is projected to slow to 4.7 percent by 2022. In spite of this, the rate of increase in this group of countries is not sufficient to compensate for the losses incurred during the recession by 2020, and by 2022 it is expected to be 4.1 per cent of gdp, lower than in the pre-balance projections, ” according to the report.
The Per capita income for many emerging market and developing economies is expected to remain below the pre-pandemic levels, and the losses are expected to be on top of, related to, loss of health, education, and economic standard of living.
The bank said the growth rate in the low-income economy this year is expected to be the lowest in 20 years, and other than that by 2020, partly as a reflection of the very slow rate of vaccination.
According to the forecasts, the low-income economy to grow by 2.9 per cent in 2021, an increase of 4.7 per cent in 2022.
The group’s production levels are projected to be 4.9 percent lower in 2022 than in the pandemic.
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