The world economy next year will recover at a slower pace than previously thought. This is stated in the forecast Organization for Economic Cooperation and Development (OECD).
Experts have denied the economy a quick recovery due to new outbreaks of coronavirus, the introduction of quarantine measures and delays in vaccinations. The OECD estimates that global GDP will increase by 4.25 percent in 2021 and by 3.75 percent in 2022. The September forecast projected the rate to rise by five percent next year.
At the end of this year, the OECD expects a decline in the US economy by 3.7 percent, the eurozone – by 7.5 percent. China’s GDP is projected to increase by 1.8 percent. The global economy will collapse by 4.2 percent.
The economy after the crisis is recovering faster if people trust the decisions of the authorities. Such conclusions are contained in the study, which was previously presented by World Bank . Maintaining quarantine restrictions until the peak in deaths from coronavirus also accelerates recovery.