The Organization for Economic Cooperation and Development said today, Tuesday, that despite the occurrence of a second wave of outbreaks of the Corona virus in many countries, the outlook for the global economy is improving.
The organization explained that, thanks to the development of several vaccines for the Corona virus, signs of recovery have appeared in the economies of some countries, the first of which is China, even in light of the spread of a second wave of the disease.
According to the organization’s economic expectations, the global economy will grow by 4.2% in 2021, but it will decline in 2022 to reach 3.7%, after suffering a 4.2% contraction this year.
“The situation is still difficult, we are still in the midst of the pandemic crisis, which means that policies still have a lot to do,” said the organization’s chief economist, Lawrence Boone.
The organization explained that the GDP forecasts underlie wide differences between countries, some of which will be able to return to pre-Corona crisis levels at the end of 2021, such as China, and some will suffer from levels lower than they were about 5% in 2022.