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Economy: global economy could grow by four percent in 2021

2021-01-06T11:22:54.911Z


After the deep slump in 2020, the economy will recover this year, according to the World Bank. If the pandemic is not contained, however, growth would be significantly smaller.


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Container ship in the port of Hamburg: World Bank demands decisive action

Photo: Markus Scholz / dpa

Around the globe, economic output fell massively in the past year - according to the World Bank by 4.3 percent.

This year, however, the institution believes the world economy will recover significantly.

Economic output is expected to grow by four percent, according to the forecast.

The prerequisite for this, however, is that the first vaccinations against Covid-19 take place nationwide in the course of the year, according to the World Bank.

The recovery is likely to be subdued unless policymakers act decisively to tame the pandemic and implement investment-friendly reforms.

According to the World Bank, the corona crisis has plunged millions of people into poverty.

That could depress the economy and incomes for a longer period of time.

The spread of the virus must be slowed down, which could be achieved by the rapid and widespread provision of vaccines.

"In order to overcome the effects of the pandemic and counter the headwinds in investments, the framework conditions for companies must be improved, the flexibility of labor and product markets must be increased and transparency and governance strengthened," said World Bank chief David Malpass.

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fdi / Reuters

Source: spiegel

All business articles on 2021-01-06

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