World economy

摘要

After a truly dreadful 2020, during which the world economy contracted by about 4%, the onset of Covid‐19 vaccination programmes around the world has provided some light at the end of the tunnel. Despite this, we have downgraded our 2021 global GDP growth forecast slightly to 5.0% from 5.2% three months ago, reflecting the probable weak start to this year caused by the high rate of Covid‐19 cases and the associated increase in activity restrictions.