The World Bank has taken measures that involved rapid COVID-19 action. They have included a faster vaccination process. They have done so to contain the damage to global growth in 2021. In their Global Economic Prospects report, they have forecast the worldwide economy and predicted that it would expand 4% in 2021 after shrinking 4.3% in 2020. While 2020’s global economic activity was not as drastic needless to say –due to a more robust recovery in China and shallower contractions in many countries.
This has created an impact on emerging markets and developing economies. This impact has been more severe. The collapse in global economic activity in 2020 which is because of the pandemic, is estimated to have been slightly less severe than previously shown. It happened due to shallower contractions in advanced economies overall, and a more robust recovery in China, the forecast states.
Data source: Africa news