The World Bank's Outlook For the Global Economy

    On Tuesday, the World Bank said in its semi-annual Global Economic Outlook that global GDP will grow by 4% in 2021, down from its forecast of 4.2% back to June, and predicting a 3.8% growth in 2022. The forecasts for the U.S. and the euro zone were also downgraded, with forecasts for China up 1% point to 7.9%.

    There are still many risks to the outlook, including new outbreaks of the pandemic, delays in vaccinations, financial stress from high debt, and long-termed unemployment and business closures, the report said. Persistent economic weakness could lead to more bankruptcies and came back to fuel the financial crises.

The global economy is expected to grow by 4% this year if we can have a large-scale vaccination around the world in 2021. The report emphasizes that vaccination and its investment are the keys to sustaining the recovery momentum. If policymakers do not take decisive measures to curb the pandemic and promote reforms on investment, the recovery will be slow, economic activity may remain in a low position for a long time, and put development at risk.