The World Bank upgraded its forecast for the 2021 global economy growth to 5.6 percent, 1.5 percentage points up from its January report.
“The global economy is set to expand 5.6 percent in 2021—its strongest post-recession pace in 80 years. This recovery is uneven and largely reflects sharp rebounds in some major economies,” the World Bank said in its fresh report on global economic prospects.
The World Bank noted that many developing nations are still facing difficulties, as they are making effort to overcome the consequences of the pandemic.
The World Bank expects the global economic growth to reach 4.3 percent in 2022, 0.5 percentage points up from the January report. According to the bank, the global GDP crashed 3.5 percent in 2020.
“While global inflation is likely to continue rising in the remainder of this year, inflation is expected to remain within target bands in most inflation-targeting countries,” the report read.