Data from the United Nations Conference on Trade and Development (UNCTAD) showed that the global economy will grow during 2021 at the fastest pace in 50 years at a rate of 5.3 percent, but it will be unbalanced around the world.
UNCTAD said in a report on Wednesday that the global economy contracted by 3.5 percent in 2020.
This is due to the pressure of the repercussions of the Coronavirus while recording a growth of 3.6 percent in 2022.
The report stated that the expected economic recovery comes thanks to the continuation of the effects of the stimulus packages that began in 2020, in addition to the acceleration of the distribution of vaccines.
He pointed out that the recovery will be uneven at the geographical and sectoral levels around the world.
“In advanced economies, the rentier class has experienced an explosion in wealth while the lower-income earners have suffered.”
While developing countries still lack monetary independence and access to vaccines, many developing economies are hampering growth.
The report stated that the delay in vaccination operations will cost the global economy $2.3 trillion by 2025, and emerging countries will bear the bulk of this cost.
The global economy was severely affected as of the first quarter of 2020, with the spread of the virus, and the closure of most vital facilities before resuming their activities gradually in the last quarter of 2020.