Jordan Economic Monitor, Spring 2021 : Uncertain and Long Trail Ahead
Despite recent progress on vaccine developments to combat the COVID-19 (coronavirus) pandemic, the global economic recovery remains surrounded by high uncertainty. During the first half of 2020, global economic output declined by an unprecedented l...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/en/831601624470221546/Jordan-Economic-Monitor-Spring-2021-Uncertain-and-Long-Trail-Ahead http://hdl.handle.net/10986/35849 |
| Summary: | Despite recent progress on vaccine
developments to combat the COVID-19 (coronavirus) pandemic,
the global economic recovery remains surrounded by high
uncertainty. During the first half of 2020, global economic
output declined by an unprecedented level, resulting in a
sharp fall in global trade. The latest estimates from the
IMF WEO in April 2021 indicate that the global economy
contracted by 3.3 percent in 2020. This contraction is
substantially deeper than one observed during the Global
Financial Crisis of 2007 - 08. However, recent trends are
pointing toward a strong recovery for global economic
activity in the second half of 2021 supported by substantial
fiscal and monetary stimuli. Nevertheless, the extent of the
protraction is closely linked to vaccine rollout, which is
gaining critical mass in some developed economies, but
remains uneven across the world. Indeed, the World Bank is
projecting global economy to grow by 4 percent in 2021.
Nevertheless, this global outlook retains an important
country-specific component which depends on the adjustment
capacity of each economy as well as the effectiveness of its
policy to minimize permanent scarring to the economy as well
as pace and scale of domestic vaccine rollout. |
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