W/Bank projects 4% global economic growth

The World Bank Group has projected that the global economy could expand by 4 percent this year but that a vaccine rollout will be crucial for this recovery.

In a statement, the bank said this was the outcome of the latest Global Economic Prospects, an outlook report.

“Following a collapse last year caused by the COVID-19 pandemic, global economic output is expected to expand 4 percent in 2021 but remain well below pre-pandemic projections.

The bank said Sub-Saharan Africa has been hard hit by the pandemic, with activity in the region shrinking by an estimated 3.7 per cent in 2020.

“Growth is forecast to resume at a moderate average pace of 3 per cent in 2021-22.”

In his remarks, President of the World Bank Group, David Malpass, said the global economy appears to be emerging from one of its deepest recessions and beginning a subdued recovery with COVID-19.

“Our response to the pandemic crisis today will shape our common future for years to come. We should seize the opportunity to lay the foundations for a durable, equitable, and sustainable global economy.”