World economy expected to barely regain 2020 losses in 2021 – U.N. report

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By Michelle Nichols

NEW YORK (Reuters) – The is expected to make a modest recovery of 4.7 percent this year after shrinking 4.3 percent in 2020 due to the COVID-19 pandemic – more than double the impact of the global financial in 2009 – the said on Monday.

The World Situation and Prospects report by the U.N. Department of Economic and Social Affairs said developed economies shrank by 5.6 percent in 2020 are projected to recover 4 percent, while developing countries contracted 2.5 percent and are estimated to grow 5.7 percent in 2021.

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“Massive and timely fiscal responses prevented a -like economic catastrophe worldwide,” the report said.

“It will remain critical that the G20 economies return to the trajectory of , not only to lift the rest of the world economies but also to make the world more resilient to future shocks,” the report warned.

It said 131 million more people were pushed into poverty in 2020.

 

Source: Investing.com

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