World economy to recover in 2021, says OECD

The world economy will bounce back to its pre-pandemic levels by the end of next year, a global watchdog predicted Tuesday, though that recovery will be uneven across the countries and big risks remain.

In a wide-ranging report on the economy, the Organisation for Economic Cooperation and Development said that progress on coronavirus vaccines means that the outlook has improved for the first time since the pandemic began.

It predicts the global economy will shrink about 4.2 per cent this year and rebound by the same rate in 2021 before growing 3.7 per cent the following year.

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