The global economy will grow 4.2% next year and ease to 3.7% in 2022, after shrinking 4.2% this year, the Organization for Economic Cooperation and Development said in its latest Economic Outlook.
After a second wave of infections hit Europe and the United States, the Paris-based policy forum trimmed its forecasts from September, when it expected a global contraction of 4.5% before a 5% recovery in 2021.
Overall global gross domestic product will return to pre-crisis levels by the end of next year, led by a strong recovery in China, according to the OECD.
Meanwhile, the United States and Europe are expected to contribute less to the recovery than their weight in the global economy.
- UOB forecasts Vietnam economy to grow 7.1% in 2021
- Global Business Outlook believes local economy could surpass Singapore
- ICAEW: Vietnam grows 2.3% in 2020 and then will skyrocket to 8% by 2021
- OECD calls for new economic model as the organization marks its 60th anniversary
- Vietnam economy likely second fastest-growing in Asia-Pacific: S&P Global Ratings
- ICAEW believe Vietnamese recovery prospects are brightest in Southeast Asia
- Developing Asia to grow just 0.1% in 2020: ADB
- Vietnam recovery prospects remain brightest in Southeast Asia: ICAEW
- ADB forecasts SE Asia to grow 5.2% next year given COVID-19 pressure