In the Global Economic Prospect report, World Bank upgrades global to 5.6% in 2021 (from January projection of 4.1%). Growth is then projected to slow to 4.3% in 2022 (up from 3.8%), and then 3.1% in 2023 (new).
US growth upgraded to 6.8% in 2021 (from 3.5%), 4.2% in 2022 ( from 3.3%), and 2.3% in 2023 (new). Eurozone growth is also upgraded ti 4.2% in 2021 (from 3.6%), then accelerate to 4.4% in 2022 (from 4.0%), and then slow to 2.4% in 2023 (new). China growth is projected to be 8.5% in 2021 (from 7.9%), then slow to 5.4% in 2022 (from 5.2%) and then 5.3% in 2023.
David Malpass, World Bank Group President, said: “Following last year’s collapse, the global economy is experiencing an exceptionally strong but uneven recovery. While advanced economies are re- bounding, many of the world’s poorest countries are being left behind, and much remains to be done to reverse the pandemic’s staggering human and economic costs. Moreover, the recovery is not assured: the possibility remains that additional COVID-19 waves, further vaccination delays, mounting debt levels, or rising inflationary pressures deliver setbacks.”
