Global recovery strong but uneven - World Bank | Sunday Observer

Global recovery strong but uneven - World Bank

12 June, 2021

Economic activity in South Asia is projected to expand by 6.8 percent in 2021 and 6.8 percent in 2022.

Growth in the East Asia and Pacific region is projected to accelerate by 7.7 percent in 2021 and 5.3 percent in 2022. For more, see regional overview.

Europe and Central Asia’s economy is forecast to grow by 3.9 percent this year and 3.9 percent next year. For more, see regional overview.

Latin America and the Caribbean: Regional economic activity is expected to grow by 5.2 percent in 2021 and 2.9 percent.

Middle East and North Africa: Economic activity in the Middle East and North Africa is forecast to advance by 2.4 percent this year and 3.5 percent next year. Sub-Saharan Africa: Economic activity in the region is on course to rise by 2.8 percent in 2021 and 3.3% in 2022.

The global economy is expected to expand 5.6% in 2021, the fastest post-recession pace in 80 years, largely on strong rebounds from a few major economies. However, many emerging markets and developing economies continue to struggle with the Covid-19 pandemic and its aftermath, the World Bank says in its June 2021 Global Economic Prospects. Despite the recovery, global output will be about 2% below pre-pandemic projections by the end of this year. Per capita income losses will not be unwound by 2022 for about two-thirds of emerging market and developing economies.

Among low-income economies, where vaccination has lagged, the effects of the pandemic have reversed poverty reduction gains and aggravated insecurity and other long-standing challenges.