- ECONOMIC IMPACT -
Latest update: 12 Oct (IMF), 4 Oct (WTO)
The global economic recovery is continuing, even as the pandemic resurges. The fault lines opened up by Covid-19 are looking more persistent – near-term divergences are expected to leave lasting imprints on medium-term performance. Vaccine access and early policy support are the principal drivers of the gaps, the IMF said.
The resurgence of global economic activity in the first half of 2021 lifted merchandise trade above its pre-pandemic peak, leading World Trade Organisation economists to upgrade their forecasts for trade in 2021 and 2022, the WTO said in a statement.
The global economy is expected to grow by 5.9% in 2021 and 4.9% in 2022 (from 6% and 4.9%, respectively, in July), according to the IMF.
The WTO expects the volume of merchandise trade to grow by 10.8% in 2021 and by 4.7% in 2022, after falling 5.3% in 2020.
IMPACT OF COVID-19 ON WORLD ECONOMIC OUTLOOK