According to Global Economic Prospects released by World Bank, the global economy is expected to expand by 4% in 2021, if the COVID19 vaccine becomes widely available and if policy makers can implement reforms that attract investment.
Although global economic output is recovering from the collapse caused by COVID-19, it will remain below pre-pandemic trends for a prolonged period. The pandemic has exacerbated the risks associated with a decade-long wave of global debt accumulation. It is also likely to steepen the long-expected slowdown in potential growth over the next decade.
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