World Bank’s Projection of the 2021 Global Economy
How much will the global economy grow in 2021? The World Bank released its growth estimate of a 4.3% increase for 2021. However, due to the coronavirus, it may be a little lower than this, the world bank indicated. They stated that it could be as low as 1.6%. But ever 1.6% could still be very good comparing where we are right now to where we were last year. I do believe that the number will be positive, especially with the vaccine on the horizon. If the vaccine can offset some of the impacts of the pandemic, we may be in the 1%, 2%, or even 4% range.
On a side note, there is just too much of an unknown to accurately predict how the economy will turn out. The world bank acknowledges this as well. With personal experience, when I have seen the economy being on hold and the public's fear is high, humans still want to interact, conduct business, and spend money. I still don’t know how effective the vaccine is and how long it’ll take for most people to get it, but once people do start getting the vaccine, the likelihood of people spending more money and conducting more business after is high which will be a boost for the economy for the year to come. What are your projections for the upcoming year? Let me know, I would love to hear from you.
#329, January 2021, World Bank, economy, COVID, business, vaccine.