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Report on the world economic situation and prospects in 2021 From UN Economic Development

The following is the Report on the world economic situation and prospects in 2021 From UN Economic Development recommended by And this article belongs to the classification: global economy , research report.

The report “world economic situation and prospects” released by the Department of economic and social affairs of the United Nations in the middle of 2021 predicts that although the global growth prospects have improved, driven by the strong rebound of China and the United States, the surge of new crown infection rate and insufficient progress in vaccination in many countries threaten the extensive recovery of the world economy.

The report shows that after a sharp contraction of 3.6% in 2020, the global economy is now expected to grow by 5.4% in 2021, reflecting an upward revision of the United Nations forecast released in January. China and the United States, the two largest economies, are on the road to recovery amid rapid vaccination and sustained fiscal and monetary support.

In contrast, the growth prospects of some countries in South Asia, sub Saharan Africa, Latin America and the Caribbean remain fragile and uncertain. For many countries, economic output is not expected to return to pre pandemic levels until 2022 or 2023.

Elliott Harris, chief economist of the United Nations, said inequality in vaccine access between countries and regions posed a significant risk to an already uneven and fragile global recovery.

He pointed out that timely and universal access to the new vaccine will mean a rapid end to the epidemic and put the world economy on the track of resilience and recovery. On the contrary, more years of growth, development and opportunities will be lost.

Strong but uneven recovery in Global trade

Global merchandise trade has exceeded pre pandemic levels, thanks to strong demand for electrical and electronic equipment, personal protective equipment and other goods.

The joint China World Trade Center conference said today that despite the impact of COVID-19, East Asian and Latin American economies were doing better than expected.

The report stressed that economies that rely on manufacturing performed better during the crisis and recovery, but economies that rely on tourism and commodities are unlikely to rebound quickly.

Due to the slow lifting of international travel restrictions and concerns about a new wave of infections in many developing countries, trade in services, especially tourism, will remain sluggish.

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