UN expects record world economic growth

The global economy will recover from the coronavirus pandemic in 2021 and will grow by 5.3 percent, which will be the highest in almost 50 years, according to a report from the United Nations Conference on Trade and Development (UNCTAD), Report informs referring to Prime agency.

However, already in 2022, global growth will slow down to 3.6 percent.

This year the global economy is returning to normal thanks to the positive effect of radical political measures and the successful course of vaccination of the population against COVID in advanced economies.

Across the world, but particularly in developing regions, the damage from the COVID-19 crisis has been greater than that from the global financial crisis (GFC), most notably in Africa and South Asia, according to the report.

“Even barring significant setbacks, global output will only resume its 2016-19 trend by 2030. This fact conceals the deeper problem that the pre-COVID-19 income growth trend was itself unsatisfactory; average annual global growth in the decade after the GFC was the slowest since 1945,” reads the report.