World Bank Sees Lower Growth in 2021

The World Bank Group believes that the global economic recovery in 2021, from the Coronavirus pandemic, is set to be slower than initially expected due to the rising number of new cases and renewed lockdown measures.

The global gross domestic product (GDP) is expected to expand by 4% in 2021, compared with a previous estimate of a 4.2% growth in June 2020.

As for 2022, the World Bank expected a 3.8% growth, Bloomberg reported.

Growth forecasts in the United States and the Eurozone were lowered, while growth expectations in China were raised by 1% to 7.9%.

Moreover, the World Bank is working with more than 100 countries to help fund the rollout of Coronavirus vaccines through low-interest loans, Reuters cited the World Bank President David Malpass as saying on Tuesday.