According to the latest statement issued by the Organization for Economic Cooperation and Development, the global economy is expected to return to its pre-covid levels by 2022 but it is subject to uneven recovery, the living standards in several developed nations will continue to fall and will not return to their pre-pandemic levels.
The Paris-based group modified its 2021 global development forecast and explained that it would increase 5.8% this year, a noticeable rise from the forecast of 5.6% announced in December. Earlier, the United Nations raised its global economic forecast to 5.4% growth for 2021.
The nations like Argentina and Spain are expected to pass more than three years between the beginning of the pandemic and recuperation of per-capita economic yield, as per the latest estimations. That highlights just 18 months in the US and under a year in China.
According to OECD Chief Economist Laurence Boone, “It brings us some relief that we can witness the global economic growth, but with some lumpiness that is performing as such in an exceptionally lopsided manner. The risk is that enough post-pandemic growth is not accomplished or broadly raised. ”
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