Global economy to expand 5.6% in 2021: World Bank

Global economy to expand 5.6% in 2021: World Bank

The global economy is expected to expand 5.6% in 2021, the fastest post-recession pace in 80 years, driven largely by strong rebounds from a few major economies, the World Bank said.

Noting in its June 2021 Global Economic Prospects, the World Bank added that many emerging markets and developing economies continue to struggle with the novel coronavirus (COVID-19) pandemic and its aftermath.

Economic activity in the Middle East and North Africa (MENA) region is forecast to advance by 2.4% this year, and 3.5% next year.

"Despite the recovery, global output will be about 2% below pre-pandemic projections by the end of this year,“ the report read, "Per capita income losses will not be unwound by 2022 for about two-thirds of emerging market and developing economies.“