Global Economy Gets COVID-19 Shot From US Stimulus, But Pre-Existing Conditions Worsen
The global economy is set to grow by 4.7% this year, faster than predicted in September (4.3%), thanks in part to a stronger recovery in the United States, where progress in distributing vaccines and a fresh fiscal stimulus of $1.9 trillion are expected to boost consumer spending, says a new UNCTAD report. But this will still leave the global economy over $10 trillion short of where it could have been by the end of 2021 if it had stayed on the pre-pandemic trend (Figure 1) and with persistent worries about the reality behind the rhetoric of a more resilient future.
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(right) Accumulated real income loss relative to pre-Covid-19 trend, 2020-2021 (% of GDP)
