UN Says World Economy To Grow At Fastest Pace In Almost 50
The global economy is expected to undergo its fastest recovery in almost five decades this year, but deepening inequities between advanced and developing countries threaten to undermine this, the United Nations warned.
Following last year’s 3.5% contraction, world gross domestic product will likely surge 5.3% in 2021 due to “radical” policy interventions and a successful, if incomplete, vaccine rollout in advanced economies, the UN Conference on Trade and Development (UNCTD) said in a report September 15. Expansion may slow to 3.6% next year, taking the estimated cumulative income loss since 2020 to $13 trillion, it said.
Many countries in the southern hemisphere have been hit especially hard during the pandemic, and fiscal constraints, a lack of monetary autonomy and poor access to COVID-19 vaccines could escalate economic stress on developing nations, according to the report.
Source: Bloomberg, 09.15.2021
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