The global economy is poised to expand by 4% this year, according to the World Bank, exceeding the 2.9% pace recorded in 2019, before Covid-19 pushed worldwide output into a tailspin.
The updated forecast, part of the World Bank’s latest Global Economic Prospects Report, assumes a widespread rollout of the Covid-19 vaccine and a corresponding reduction in virus transmission.
Although the pace of recovery is highly dependent on governments implementing business-friendly measures. “To overcome the impacts of the pandemic and counter the investment headwind, there needs to be a major push to improve business environments, increase labor and product market flexibility, and strengthen transparency and governance,” said World Bank President David Malpass.
Lillian Jijingi
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