“Since the COVID-19 crisis began, global GDP has fallen by 4.2%. The rollout of vaccine programmes will help to steady the ship – but the rate at which countries recover, including upticks in employment and consumer confidence, depends on how quickly they are able to bring the virus under control.
A tale of two halves
Although the pandemic has had a devastating economic effect around the world, Asian countries have recovered much faster – in particular, China, which experienced only a moderate dip in 2020 and which the International Monetary Fund (IMF) predicts will see 8.2% in real GDP growth in 2021. Overall, countries in emerging and developing Asian economies are projected to see GDP growth of 8% this year, thanks to early public health interventions and government fiscal support. Europe, in contrast, will only see GDP growth of 5.2% in 2021, while for the United States, that figure is just 3.1%….” READ MORE AT WEF