• About
  • Advertise
  • Privacy Policy
  • Contact
Saturday, June 3, 2023
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Global GDP to return to pre-pandemic levels

December 2, 2020
thevaultzbythevaultz
in Around the Globe
0
Global GDP to return to pre-pandemic levels

Image: OECD

The Organization for Economic Co-operation and Development (OECD) has announced that global output will return to pre-pandemic levels by the end of 2021 after witnessing a sharp 4.2% decline this year in its economic outlook.

The organization projects global GDP to rise by around 4.2% in 2021 and by a further 3.7% in 2022, helped by COVID-19 vaccine distribution and accommodative fiscal and monetary policies. The recovery will be led by China, which is forecast to grow by 8% next year, accounting for over one-third of world economic growth, OECD noted.

Currently this year, the world economy is on course to plummet into its worst recession since the Second World War as the coronavirus forced half the world’s population to remain indoors, virtually shutting global businesses, trade and travel. Any hopes of a quick recovery were dashed by subsequent waves of the virus, which has killed millions of people.  

RelatedPosts

UN Warns of Methamphetamine Trade In Asia

NATO Encourages Ankara To Loosen Stands On Sweden’s NATO Bid

Ben Roberts-Smith Proven Guilty of War Crimes

“For the first time since the pandemic began, there is now hope for a brighter future. Progress with vaccines and treatment have lifted expectations and uncertainty has receded.”

OECD Chief Economist, Laurence Boone
  • Global Economy to Grow 5.2 Percent in 2021 – IMF

The organization has however cautioned that the recovery will be uneven across countries. The countries with effective test, track and isolate systems, where vaccinations will be deployed rapidly, will likely perform relatively well. The output in many other countries is projected to remain around 5% below pre-crisis expectations in 2022.

The economic fallout is also expected to disproportionately hurt the most vulnerable, having long-lasting effects in most cases. Smaller firms and entrepreneurs are more likely to go out of business. The unprecedented adoption of digital technologies with people being asked to work from home and schools and universities taking their classes online during the lockdowns is only expected to set children and youth from ‘less fortunate backgrounds’ back by years.

“Despite the huge policy Band-Aid, and even in an upside scenario, the pandemic will have damaged the socioeconomic fabric of countries worldwide,” Boone said.

laurence
OECD Chief Economist, Laurence Boone. Image: AP

So far the global recovery has been supported by trillions of dollars pumped in by governments and central banks. The OECD has stressed that the money taps must be kept open, despite the breakthroughs on the vaccine front.

Governments should continue to invest in public health measures to limit the impact of renewed virus outbreaks and carry on supporting firms and jobs to ensure a faster rebound when restrictions are lifted, the report said.

The report also found that a bigger fiscal stimulus did not always translate into better economic performance, suggesting not all measures have been used “wisely.” Boone said monetary and fiscal support must be funnelled into stronger and better economic growth with investments in education, health, physical and digital infrastructure being a priority.

The OECD also called for greater cooperation among countries in the fight against the coronavirus, including on matters such as the distribution of vaccines and extending debt relief to poorer countries.

“The pandemic is the first fully global crisis since World War II. It has been answered by massive national responses, but closed borders and little cooperation,” Boone said. “Protectionism and shutting frontiers are not the answer.”

Related Posts

UN Warns of Methamphetamine Trade In Asia
Around the Globe

UN Warns of Methamphetamine Trade In Asia

June 2, 2023
NATO Encourages Ankara To Loosen Stands On Sweden’s NATO Bid
Around the Globe

NATO Encourages Ankara To Loosen Stands On Sweden’s NATO Bid

June 1, 2023
Ben Roberts-Smith Proven Guilty of War Crimes
Around the Globe

Ben Roberts-Smith Proven Guilty of War Crimes

June 1, 2023
UN Appeals Court Extend Sentences For Two Serbs War Crime Perpetrators
Around the Globe

UN Appeals Court Extend Sentences For Two Serbs War Crime Perpetrators

May 31, 2023
Kosovo Clashes Injure NATO Troops
Around the Globe

NATO Deploys More Troops To Kosovo

June 1, 2023
Security Pact With Australia Stalled, Prime Minister James Marape Claims
Around the Globe

Security Pact With Australia Stalled, Prime Minister James Marape Claims

May 31, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Previous Post

‘No fraud found’ that could change election outcome

Next Post

Economic activity recovering faster than expected – Addison

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.
Ghana has Sufficient Food Despite Its Economic Difficulties- Akufo-Addo
General News

Kpebu Excited Akufo-Addo Will Leave Presidency Seat Soon

by Samuel Y. OtibuJune 3, 2023
Uganda anti-LGBTQ activist march against same sex relationship in the country.
Africa

LGBTQ+ People Fleeing Uganda Out Of Fear For Their Lives

by Sampson AnnorJune 3, 2023
U.S Will Not Tolerate Any Coercion And Bullying Of Its Allies By China- Austin
Asia

U.S Will Not Tolerate Any Coercion And Bullying Of Its Allies By China- Austin

by Comfort AmpomaaJune 3, 2023
World Bank Cautions Ghana Of Prospective Financing Cuts To Some Social Intervention Programs In Ghana
Economy

World Bank Cautions Ghana Of Prospective Financing Cuts To Some Social Intervention Programs In Ghana

by Gifty BansahJune 3, 2023
Over 300 Perish In An Indian Train Crush
Asia

Over 300 Perish In An Indian Train Crush

by Sampson AnnorJune 3, 2023
Mamprugu Overlord Calls For Disarmament By Warring Factions
General News

Mamprugu Overlord Calls For Disarmament By Warring Factions

by Angeller AshongJune 3, 2023
Ghana has Sufficient Food Despite Its Economic Difficulties- Akufo-Addo
Uganda anti-LGBTQ activist march against same sex relationship in the country.
U.S Will Not Tolerate Any Coercion And Bullying Of Its Allies By China- Austin
World Bank Cautions Ghana Of Prospective Financing Cuts To Some Social Intervention Programs In Ghana
Over 300 Perish In An Indian Train Crush
Mamprugu Overlord Calls For Disarmament By Warring Factions
Snow
FIND OUT MORE

The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In