World Economic Situation and Prospects as of mid-2021 - the ...

According to the World Economic Situation and Prospects (WESP) mid-2021 report, following a sharp contraction of 3.6 per cent in 2020, ... SkiptoContent WelcometotheUnitedNations Togglenavigation HomeWorldEconomicSituationandProspectsasofmid-2021 WorldEconomicSituationandProspectsasofmid-2021 11May2021 EconomicrecoveryunderthreatamidsurgingCOVIDcasesandlaggingvaccinationinpoorercountries Wideninginequalitycastsashadowoverprojected5.4%globalgrowthin2021 Whiletheglobalgrowthoutlookhasimproved,ledbyrobustreboundinChinaandtheUnitedStates,surgingCOVID-19infectionsandinadequatevaccinationprogressinmanycountriesthreatenabroad-basedrecoveryoftheworldeconomy,saysthelatestUnitedNationsforecastreleasedtoday. AccordingtotheWorldEconomicSituationandProspects(WESP)mid-2021report,followingasharpcontractionof3.6percentin2020,theglobaleconomyisnowprojectedtoexpandby5.4percentin2021,reflectinganupwardrevisionfromtheUNforecastsreleasedinJanuary.Amidrapidvaccinationsandcontinuedfiscalandmonetarysupportmeasures,ChinaandtheUnitedStates–thetwolargesteconomies–areonthepathtorecovery.Incontrast,thegrowthoutlookinseveralcountriesinSouthAsia,sub-SaharanAfrica,andLatinAmericaandtheCaribbean,remainsfragileanduncertain.Formanycountries,economicoutputisonlyprojectedtoreturntopre-pandemiclevelsin2022or2023. “Vaccineinequitybetweencountriesandregionsisposingasignificantrisktoanalreadyunevenandfragileglobalrecovery,”saidUNChiefEconomistElliottHarris.“TimelyanduniversalaccesstoCOVID-19vaccinationswillmeanthedifferencebetweenendingthepandemicpromptlyandplacingtheworldeconomyonthetrajectoryofaresilientrecovery,orlosingmanymoreyearsofgrowth,developmentandopportunities.” Strongbutunevenrecoveryinglobaltrade Globalmerchandisetradehasalreadysurpassedpre-pandemiclevels,buoyedbystrongdemandforelectricalandelectronicequipment,personalprotectiveequipment,andothermanufacturedgoods.Manufacturing-dependenteconomieshavefaredbetter,bothduringthecrisisandtherecoveryperiod,butaquickreboundlooksunlikelyfortourism-andcommodity-dependenteconomies,thereportunderscored.Tradeinservices,inparticulartourism,willremaindepressedamidslowliftingofrestrictionsoninternationaltravelandfearofnewwavesofinfectioninmanydevelopingcountries. Womenworsthitbythepandemic Womenhavebeenattheforefrontofthefightagainstthepandemic.Theyhavealsobeenhitthehardestinanumberofways,includingbearingthebruntofunpaiddomesticandcarework.Theyremainunderrepresentedinpandemic-relateddecision-makingandineconomicpolicyresponsestothecrisis.Whilethepandemichasreducedlabourforceparticipationby2percentworldwide,comparedtoonly0.2percentduringtheglobalfinancialcrisisof2007-2008,morewomenthanmenwereforcedtoleavetheworkforcealtogether,furtherwideninggendergapsinemploymentandwages,thereporthighlighted.Women-ownedbusinesseshavealsofareddisproportionatelyworse. “Thepandemichaspushednearly58millionwomenandgirlsintoextremepoverty,dealingahugeblowtopovertyreductioneffortsworldwide,andexacerbatedgendergapsinincome,wealthandeducation,impedingprogressongenderequality,”saidHamidRashid,theChiefoftheGlobalEconomicMonitoringBranchattheUNDepartmentofEconomicandSocialAffairs,andtheleadauthorofthereport.“Fiscalandmonetarymeasurestosteerrecoverymusttakeintoaccountthedifferentiatedimpactofthecrisisondifferentpopulationgroups,includingwomen,toensureaneconomicrecoverythatisinclusiveandresilient,”headded. PressRelease:العربية,English,Français,русский MediaAdvisory:English FullReport:English MediaImages: TheWorldEconomicSituationandProspectsasofmid-2021updatesWESP2021(UnitedNationspublication,SalesNo.E.19.II.C.1),releasedinJanuary2021. FullReport|News&Events GlobalMacroeconomicProspects GlobalEconomicMonitoringBranch(GEMB) WorldEconomicSituationandProspects(WESP)mid-yearupdate Download: WorldEconomicSituationAndProspectsAsOfMid-2021:MediaAdvisory WorldEconomicSituationandProspectsasofmid-2021 WorldEconomicSituationAndProspectsAsOfMid-2021:PressRelease FillinthefieldsandclickSignmeuporhitEntertosubmityoursubscription Name Email Country Signmeup! FollowUs /*-----------------------------------------*/ /*View:AttachmentsonPublications-start*/ /*-----------------------------------------*/ #contentul.sidebar-filtered-attachment{ padding-left:0; } #contentul.sidebar-filtered-attachmentp.download-label{ margin-bottom:0; margin-top:1em; color:#4d4d4d; font-weight:700; text-transform:uppercase; } #contentul.sidebar-filtered-attachmentp.attachmenta{ font-weight:700; } #contentul.sidebar-filtered-attachment.addthis_sharing_toolbox{ display:none; } /*-----------------------------------------*/ /*View:AttachmentsonPublications-end*/ /*-----------------------------------------*/ /*-----------------------------------------*/ /*View:AttachmentsonPublicationsImage-start*/ /*-----------------------------------------*/ #contentul.sidebar-filtered-attachment{ padding-left:0; } #contentul.sidebar-filtered-attachmentp.download-label{ margin-bottom:0; margin-top:1em; color:#4d4d4d; font-weight:700; text-transform:uppercase; } #contentul.sidebar-filtered-attachmentp.attachmenta{ font-weight:700; } /*-----------------------------------------*/ /*View:AttachmentsonPublicationsImage-end*/ /*-----------------------------------------*/ /*-----------------------------------------*/ /*ContentTemplate:PublicationsTemplateDefault-start*/ /*-----------------------------------------*/ /*Extraspacingforreadingblocks*/ body.singlearticlesection{ padding-left:2em; padding-right:2em; } body.singlearticlesectionp{ line-height:1.8em; } /*Footer*/ #footer-wrapper{ border-top:1pxsolid#4D4D4D; } footer{ padding-bottom:2em; } footerh6{ margin-top:.8em; font-size:14px; } footerh6:after{ background-color:#414042; content:""; display:block; height:1px; width:3em; margin:.3em0.8em; } footerlia{ color:#000; font-size:12px; line-height:17px; } footerlia:active, footerlia:focus, footera:hover{ text-decoration:underline; cursor:pointer; } /*RSSFeeds*/ a.rsswidget{ font-weight:700; padding-bottom:10px; } div.rssSummary{ padding-top:10px; } #home-widgetsdivulli:before, #sidebar-rightdivulli:before{ margin:0; content:none; } #contentdiv.col-md-9img.alignright, #contentdiv.col-md-9img.alignleft, #contentdiv.col-md-9img.aligncenter{ border:1px#cccsolid; } #contentdiv.col-md-9img.wp-post-image+h2{ font-size:2em; } #content#rss-6ul, #contentul.rpwe-ul{ padding-left:0; } #content#rss-6ul{ padding-top:1em; } #content.rpwe-img{ float:left; padding:.2em.6em00; } #content.rpwe-time{ font-size:.8em; font-style:italic; color:gray; } #sidebar-right.widget{ padding:0; } #sidebar-rightheaderh3{ padding-left:.6em; padding-right:.6em; } /*LyrisBox*/ .lyris-stacked-signupheader, .lyris-stacked-signupheaderh3:after{ display:none; } /*ShareBoxFix*/ #atstbx2,#atstbx3,#atstbx4,#atstbx5{ display:none; } /*BodyFooter*/ #body-footer-text{ background-color:#f2f2f2; padding:2em; border-bottom:dotted.3em#ccc; border-top:dotted.3em#ccc; font-size:86%; } img.author-headshot{ border:solid1px#4d4d4d; margin:01.2em1.5em0; } /*CropDefaultImage*/ body.singlearticleimg.wp-post-image.native-size{ float:none; margin:003px0; height:200px; object-fit:cover; width:100%; object-position:50%50%; border-bottom:dotted.3em#ccc; border-top:solid8px#f2f2f2; border-left:solid8px#f2f2f2; border-right:solid8px#f2f2f2; } /*TaxonomyLinks*/ #body-taxonomy-links:before{ background-color:#414042; content:""; display:block; height:1px; width:3em; margin-bottom:.5em; } #sdg-icon-image{ position:absolute; top:150px; right:3em; } #sdg-icon-imageimg.attachment-full.native-size{ width:60px; } /*-----------------------------------------*/ /*ContentTemplate:PublicationsTemplateDefault-end*/ /*-----------------------------------------*/ /*-----------------------------------------*/ /*ContentTemplate:PublicationsBodyTemplate-start*/ /*-----------------------------------------*/ /*-----------------------------------------*/ /*ContentTemplate:PublicationsBodyTemplate-end*/ /*-----------------------------------------*/ /*-----------------------------------------*/ /*ContentTemplate:MediaLink-start*/ /*-----------------------------------------*/ /*-----------------------------------------*/ /*ContentTemplate:MediaLink-end*/ /*-----------------------------------------*/