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 labour and product market flexibility and strengthen transparency and governance,” said World Bank Group President, David Malpass.