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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