Global economy to grow 4% in 2021; Vaccine Distribution and Investments Key to Sustaining Recovery: World Bank

The global economy is expected to expand by 4% in 2021, assuming the initial distribution of COVID-19 (coronavirus) vaccines expands throughout the year. However, the recovery is likely to be moderate, unless policymakers act decisively to bring the pandemic under control and implement reforms that increase investment, according to a January 2021 edition of the World Economic Outlook by the World Bank. Although the global economy is growing again after a 4.3% contraction in 2020, the pandemic has caused large numbers of deaths and illnesses, plunged millions of people into poverty, and may depress economic activity and incomes during a prolonged period. Controlling the spread of COVID-19 and ensuring rapid and widespread distribution of vaccines are the top short-term political […]

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Global Tourism Industry on Track for Full Recovery by 2024

The global tourism industry is set to reach, and possibly surpass, pre-pandemic levels by the end of 2024, according to the World Economic Forum (WEF). Five years post-COVID-19, the sector is experiencing a robust resurgence driven by a surge in international travel, improved air connectivity, and strong rebounds in key regions. However, global dynamics must be managed carefully to ensure stable and continuous growth. In 2023, international tourism reached 88% of its 2019 levels, a significant recovery favored by the reopening of Asian markets, as highlighted by the United Nations World Tourism Organization (UNWTO). The Middle East led the way, surpassing pre-pandemic levels by around 20%, with Europe, the Americas, and Africa following close behind at approximately 90% of their […]