WB expects world economic growth record for 80 years after recession

The World Bank (WB) expects the global economy to grow by 5.6% in 2021. This will be the highest in 80 years since the recession.

The United States and China are projected to account for more than a quarter of global growth in 2021, with the United States’ contribution nearly tripling from the 2015-2019 average. “Global growth in 2021 will be more robust than previously thought. Rapid progress in vaccination has improved prognosis in many countries; however, this mainly applies to countries with developed economies, ”- follows from the data of the World Bank. Global production is expected to remain about 2% below pre-pandemic forecasts by 2022.

The May report of the Organization for Economic Cooperation and Development (OECD) suggests that the global economy is recovering from the coronavirus pandemic, but this is happening unevenly. The OECD expects “global output will grow by almost 6% this year, an impressive surge after a 31.2% contraction in 2020.” Although much of the world will return to pre-crisis GDP levels, this is not enough, the report says.

According to experts from the Center for Macroeconomic Analysis and Short-Term Forecasting, the next global economic crisis will take place in 2025–2026. The Russian economy, experts say, will grow more slowly than the world one by only 1.5-2% per year. At the same time, during the forecasted crisis of 2025–2026, it most likely will not fall, just GDP will show zero growth.

Read more in the publication “Kommersant FM” “The global economy predicted a crisis.”