The global economy is ready for a significant recovery this year

The global economy is poised for a strong recovery this year as COVID-19 vaccines and expansionary policies help repair the damage caused by the pandemic, which has destroyed more than a quarter of a billion jobs. This was stated on Thursday by the United Nations Conference on Trade and Development (UNCTAD). The Geneva-based organization predicts that global gross domestic product (GDP) will increase by 4.7% in 2021 after last year's decline of 3.9%, the steepest since World War II, which resulted in the loss of 255 million full-time jobs in all regions of the world. UNCTAD praised the rapid reactions of central banks, which dampened the financial shock at the beginning of the crisis, helped alleviate liquidity shortages and reassure anxious investors. "Their willingness to keep the tap open has caused financial markets to rebound quickly in March and April, many of which ended the year at an all-time high," the report said on Thursday. States that have fought the COVID-19 pandemic through rapid monetary, fiscal and vaccination programs are likely to experience the strongest economic growth this year, according to a UNCTAD report. The organization expects a healthy recovery in both developing and developed economies. According to her, the Chinese economy will grow by 8.1% this year due to Beijing's continued success in curbing the pandemic and accelerating the vaccination program. India and South Korea will also see a healthy recovery from last year's downturn, while in the case of Brazil UNCTAD expects its return to growth to lag behind other developing countries. The US economy is likely to grow 4.5% this year, thanks to a massive government stimulus package and the Federal Reserve's determination to keep interest rates at historic lows.