OECD: Global economic recovery to be uneven

The organization for Economic Co-operation and Development cautioned that as the world economy returns to pre-pandemic levels in 2021, that rebound is likely to be uneven and may lead to lasting changes.

China is likely to be the only major economy to escape a contraction this year, with its economy growing by 1.8 percent and then surging by eight percent in 2021.China is expected to account for one-third of global growth next year, while North America and Europe are expected to contribute less than their weight in the global economy.

Despite the expected imminent distribution of vaccines, world economic outlook remains “exceptionally uncertain” said the OECD given the difficulties of rolling out massive vaccination campaigns, uncertainties about how long vaccines will provide protection and the need to impose restrictions in the meantime.

It also sounded the alarm about the social impact of the pandemic with many people out of work.

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