Global economy to reach pre-pendemic levels by 2022

The coronavirus pandemic took away a lot from the global economy forcing the governments to focus on emergency support. But now that the economy is slowly improving, it seems like that the governments across the globe will finally be able to concentrate on investments that would help the economy to grow. The Organization for Economic Co-operation and Development also known as OECD has said that with the new measures, it would help in an increase in the global output by 5.8 percent in 2021.

With the growth of 4.4 in the upcoming year, the majority of the world would be able to be back to the pre-pandemic activities. At the same time the organization has also warned that it is not necessary that the growth would be even across and would depend on the standard of living in the developed economies. Talking about the progress in the United States, the progress looks promising due to the rapid vaccination programs due to which the economic output is expected to be higher that it had projected in November 2019.

This could also be predicted about China and Germany to a certain extent. But talking about the majority of the European countries, especially those who rely on tourism, the growth could be lower than the pre-pandemic levels. A number of economies had focused on providing for households and businesses to limit damage. But then it could not score better in terms of improving its health and education systems. Some of the sectors have been able to open while a number of them continue to remain shut.

The countries are trying hard to transition towards making things better but it cannot be still believed that enough efforts are being made to trigger growth to higher levels. It all now depends on how soon the vaccines are able to reach the developing countries that contribute to the global economy improvement.

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