The World Bank has improved the forecast of the growth of the global economy for the current year by 1.5 percentage points compared with January expectations – up to 5.6%, which will be a record for 80 years with recovery after the recession, it is said in the WB report on the prospects for the global economy.
“In 2021, the growth of the global economy is expected to 5.6% – this is the highest rate of recovery rate after recession over the past 80 years, mainly due to intensive rise in economic activity in several major countries,” Bank writes.
Nevertheless, WB notes that many developing countries continue to experience difficulties, trying to cope with the COVID-19 pandemic and its consequences.
In 2022, WB is waiting for the growth of the global economy by 4.3%, which is 0.5 percentage points above the January forecast. In 2020, according to the Bank estimates, world GDP fell by 3.5%.