World Bank projects 4% growth in global economy as COVID-19 vaccines are deployed

The World Bank says the global economy will expand by 4 per cent if COVID-19 vaccines deployment become widespread.

In a statement copied to ghanabusinessnews.com, the Bank says in its January 2021 Global Economic Prospects that, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year, the global economy will expand 4 per cent in 2021. It however added that a recovery will likely be subdued, unless policy makers move decisively to tame the pandemic and implement investment-enhancing reforms.

According to the Bank, although the global economy is growing again after a 4.3 per cent contraction in 2020, the pandemic has caused a heavy toll of deaths and illness, plunged millions into poverty, and may depress economic activity and incomes for a prolonged period.

It notes that top near-term policy priorities are controlling the spread of COVID-19 and ensuring rapid and widespread vaccine deployment, adding that to support economic recovery, authorities also need to facilitate a re-investment cycle aimed at sustainable growth that is less dependent on government debt.