World Bank has projected a four-percent expansion of the global economy in 2021, marking a return to growth after the COVID-19-induced recession of 2020.
It, however, highlighted vaccine deployment and investment as key to sustaining the recovery.
“While the global economy appears to have entered a subdued recovery, policymakers face formidable challenges—in public health, debt management, budget policies, central banking and structural reforms—as they try to ensure that this still fragile global recovery gains traction and sets a foundation for robust growth.
“To overcome the impacts of the pandemic and counter the investment headwind, there needs to be a major push to improve business environments, increase labor and product market flexibility, and strengthen transparency and governance,” said World Bank Group President David Malpass.