UN FORECASTS 4.7% GLOBAL ECONOMIC GROWTH IN 2021

The United Nations warned that the world economy is “on a cliffhanger,” still reeling from the COVID-19 pandemic whose impact will be felt for years but still expected to make a modest recovery of 4.7% in 2021 which would barely offset 2020 losses.

The U.N.’s new report on the World Economic Situation and Prospects said the once-in-a-century crisis sparked by the global impact of the coronavirus caused the global economy to shrink by 4.3% in 2020 -- the sharpest contraction in global output since the Great Depression that began in 1929 and far higher than the 1.7% reduction during the Great Recession of 2009.