Because of COVID-19, we know 2020 was tough economically around the world. Let’s now take a look at an early 2021 forecast of the global economy — and beyond. The potential for a strong rebound exists.

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From Euromonitor: An Early 2021 Forecast of the Global Economy

Recently, Euromonitor produced a new report on the worldwide economy. [Note: To access a free 30-page summary, click on the preceding link.] The report indicates good news ahead.

According to Euromonitor:

The global recession of 2020 was milder than expected. With global real GDP in 2020 contracting by 3.6%. Many economies, especially in Europe,  still face significant social distancing. As well as restricted economic activity. However, the global economic outlook substantially improved since the end of 2020.
The latest edition of our Global Economic Forecast report focuses on quarterly macro changes across 8 key markets. Studying the economic impact of different COVID-19 scenarios. And what they mean for the future of the global economy.

We expect global real GDP growth in 2021 to reach 5.3%. With a plausible baseline forecast range of 4.3–6.3%. The global recovery should continue in 2022 with real GDP growth of around 4%. Under the baseline forecast, the global economic recovery in 2021–2022 will still leave global real GDP 3.7% below the pre-pandemic forecast.

The overall outlook is more optimistic in q1 2021. With significantly lower downside risks. The baseline forecast and a more optimistic scenario with 2021 real GDP growth of 6.3–7.8% now merit around 60% probability. As compared to around 51% probability in the q4 scenarios outlook. With a corresponding decline in pessimistic scenario probabilities. We assign the baseline forecast a 45–55% probability

For the following infographic, Evans on Marketing extracted material from different Euromonitor charts. The infographic separates the world into advanced economies and developing/emerging economies. Including a look at several individual countries.

An Early 2021 Forecast of the Global Economy
 

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