World Bank raises 2021 global economic growth forecast to 5.6%

On June 8, the World Bank released the latest "Global Economic Outlook" report.

China's economic growth is expected to accelerate to 8.5 percent this year, faster than projected in January, supported by buoyant exports and release of pent-up demand amid effective control of the COVID-19 outbreak, the World Bank said in the report.

The World Bank The report pointed out that supported by factors such as active export trade and the release of suppressed demand after the effective control of the new crown epidemic, China's economic growth rate is expected to increase to 8.5% this year, higher than the estimate in January this year.



In addition to China, the strong rebounds from a few major economies, including the United States whose growth is projected at 6.8 percent, will propel the global economy to expand by 5.6 percent this year, the fastest post-recession pace in 80 years, according to the report. The report pointed out that, with the exception of China, thanks to the strong rebound of a few major economies such as the United States, this year's global economic growth is expected to be 5.6%, which will become the world's fastest growth rate after the recession in 80 years. The US economy is expected to grow by 6.8%.

Despite the recovery, global output will be about 2 percent below pre-pandemic projections by the end of this year, the report showed. Per capita income losses will not be unwound by 2022 for about two-thirds of emerging markets and developing economies.
Reports Said that despite the recovery, by the end of this year, global output will be about 2% lower than the forecast before the epidemic. About two-thirds of the per capita income loss in emerging markets and developing economies will be difficult to recover before 2022.


World Bank President Malpass said,

While there are welcome signs of global recovery , the pandemic continues to inflict poverty and inequality on people in developing countries around the world.
Despite encouraging signs of a global recovery, but the epidemic continues to bring people in developing countries around the world poverty and equality.

First and foremost, expanding vaccine distribution and deployment, especially to developing countries, is a precondition to economic recovery. The
first and foremost, expanding vaccine distribution and deployment, especially to developing countries, is a precondition to economic recovery .


Globally coordinated efforts are essential to accelerate vaccine distribution and debt relief, particularly for low-income countries. Globally coordinated efforts are essential to accelerate vaccine distribution and debt relief, particularly for low-income countries.
As the health crisis eases, policymakers will need to address the pandemic's lasting effects and take steps to spur green, resilient, and inclusive growth while safeguarding macroeconomic stability.

With the health crisis subsides, policy makers need to address the lasting impact of the epidemic , To take measures to promote green, resilient and inclusive growth while maintaining macroeconomic stability.

Reference source: China Daily, Xinhuanet

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