The World Bank has predicted that the global economy will grow by 4% in 2021, assuming that the COVID-19 vaccine will be launched on a large scale throughout the year. >
According to Arabiyanet, the World Bank has suggested that the recovery will be weak, unless policymakers move decisively to tame the epidemic and implement reforms that boost investment, according to the Economic Prospects report issued About the World Bank today, Tuesday.
The report stated, that although the global economy is growing again after contracting by 4.3% in 2020, the epidemic has caused huge losses in deaths and diseases, It has plunged millions into poverty, and may limit the improvement in economic activity and the rise in incomes for a long time.
The report indicated that the most important policy priorities in the near term is to control the spread of the Corona epidemic and to ensure that the vaccine is quickly and widely spread. To support the economic recovery, the authorities also need to facilitate the reinvestment cycle aimed at achieving sustainable growth that is less dependent on government debt.
For his part, World Bank Group President David Malpass said that while the global economy appears to have entered a weak recovery phase, policymakers face enormous challenges - in public health , Debt management, budgetary policies, central banking, and structural reforms - they try to ensure that this still fragile global recovery gains momentum and lays the foundation for strong growth.
He added that, to overcome the effects of the epidemic and face the headwinds of investment, there must be a significant push to improve business environments, increase labor market flexibility and products, and enhance transparency and governance. / p>
