China News Agency, Washington, January 5 (Reporter Sha Hanting) The latest World Economic Outlook report released by the World Bank on the 5th local time predicts that based on the forecast that the new crown vaccine will be widely vaccinated, the global economy is expected to grow in 2021 4%, China’s economy grew by 7.9%.
The report said that the new crown pneumonia epidemic has caused the global economy to shrink by 4.3% in 2020, and millions of people have fallen into poverty, and may inhibit economic activity and income growth for a long time.
To support economic recovery, the primary policy focus of the economies in the near future is to control the spread of the epidemic, ensure rapid and widespread deployment of vaccines, and at the same time carry out investment reforms to target sustainable growth that is less dependent on government debt.
The report pointed out that due to the slower-than-expected contraction of advanced economies and the strong economic recovery of China, the degree of global economic collapse in 2020 will be slightly lower than previously estimated.
The World Bank predicts that the economies of advanced economies and emerging markets and developing economies will shrink by 5.4% and 2.6% respectively in 2020.
For 2021, the World Bank predicts that the economies of advanced economies and emerging markets and developing economies will grow by 3.3% and 5%, respectively.
Among them, the economy of the United States and the Eurozone will grow by 3.5% and 3.6% respectively, and the Chinese economy is expected to grow by 7.9%.
The report also said that due to the impact of the epidemic, the prospects for global economic growth are still highly uncertain, and different growth results may occur.
In a pessimistic scenario, the infection rate continues to rise and the vaccine is delayed, which may limit global growth in 2021 to 1.6%.
At the same time, under the optimistic scenario, the epidemic is under control, the vaccination process is accelerated, and global growth may accelerate to nearly 5%.
World Bank President Malpass said that although the global economy seems to have entered a slow recovery, policymakers are facing severe challenges in many areas such as public health, debt management, budget policy, central bank operations and structural reforms.
In order to overcome the impact of the epidemic and resist investment risks, it is necessary to vigorously improve the business environment, increase the flexibility of labor and product markets, and strengthen transparency and governance.
(Finish)