OECD: the global economy is recovering unevenly

The global economy is recovering from the coronavirus pandemic, but it is happening unevenly. This is stated in the report of the Organization for Economic Cooperation and Development (OECD; .pdf).

“With some relief, we note that the economic outlook is improving, but this is happening very unevenly. Against the backdrop of renewed outbreaks of the virus, less frequent but widespread around the world, the growth of the global economy continues to recover, ”the report says.

The OECD expects “global output to 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. “The world economy continues to lag behind pre-pandemic growth, and in many OECD countries, living standards by the end of 2022 will not return to pre-pandemic levels,” the organization said.

At the same time, the OECD caught the forecast of Russia’s GDP growth in 2021 from 2.8% to 3.5%. In 2022, the Russian economy is expected to grow by 2.8%; in 2020, the decline was 2.6%.

Earlier, the World Bank improved its forecast for Russia’s GDP growth in 2021 and 2022 to 3.2%. Experts expect that “the recovery in economic activity, which will be based on the growth of household consumption and investment growth, will be supported by the revival of the global economy, higher oil prices and soft monetary conditions in the domestic market in 2021”.

Details – in the material “Kommersant” “Minimum income in the Russian way.”