According to a mid-2021 report by the World Economic Situation and Outlook (WESP), following a sharp contraction of 3.6% in 2020, the world economy is now in 2021, reflecting upward revisions from UN projections. It is projected to grow by 5.4%. Released in January this year.
With rapid vaccination and ongoing fiscal and financial support measures, the two largest economies, China and the United States, are on the way to recovery. In contrast, growth prospects for South Asia, sub-Saharan Africa, Latin America and the Caribbean remain fragile and uncertain. In many countries, economic output is projected to return to pre-pandemic levels in 2022 or 2023, according to WESP reports.
“Vaccine inequality between countries and regions poses significant risks to the already uneven and vulnerable global recovery,” said Elliott Harris, Chief Economist of the United Nations. “Timely and universal access to the COVID-19 vaccine will bring the pandemic to an end quickly, put the world economy on a resilient recovery trajectory, and years of growth, development, and more. It means the difference between losing an opportunity. “
Global commodity trade is already above pre-pandemic levels, supported by strong demand for electrical and electronic equipment, personal protective equipment and other manufactured products. “Manufacturing-dependent economies performed well during both the crisis and recovery, but tourism- and commodity-dependent economies are unlikely to recover rapidly,” the report emphasized.
The epidemic has reduced labor force participation by 2% worldwide, compared to just 0.2% during the 2007-2008 global financial crisis, but women are completely more labor than men. Forced to leave, the gender gap in employment has widened further. Wages and reports were emphasized. Women-owned businesses are also disproportionately deteriorating.
“This pandemic has driven nearly 58 million women and girls into extreme poverty, damaging poverty reduction efforts around the world, exacerbating gender disparities in income, wealth and education, and advancing gender equality. “It’s hindering,” said the United Nations Bureau of Economic and Social Affairs’ Global Economic Oversight Branch and the lead author of the report.
“Financial and financial measures to guide recovery must take into account the differentiated impacts of the crisis on different populations, including women, to ensure a comprehensive and resilient economic recovery. Must be, “Rashid added.
Fiber2Fashion News Desk (RKS)
While strong rebounds in China and the United States have improved global growth prospects, the surge in COVID-19 infections and inadequate vaccination in many countries threaten a widespread recovery in the global economy. The latest UN forecast says. Increasing inequality casts a shadow over the projected global growth of 5.4% in 2021.
Economic recovery threatened by a surge in COVID incidents: United Nations
Source link Economic recovery threatened by a surge in COVID incidents: United Nations