GLOBAL ECONOMY

How does the global economic recovery look like in the next two years?

Visualizing the economic projection for the year 2020 with the expected rebounds in 2021 & 2022

It has been an unprecedented year in so many ways. Although the biggest concern was health-related, the resulting economic fallout has been equally devastating. The general consensus right now is that the global economy will see a rebound in growth albeit at a gradual pace. According to the data by The Organization for Economic Co-operation and Development (OECD), the global GDP will rise by 4.2% in 2021 after a decline of 4.2% this year.

The V-shaped recovery projected earlier by many analysts based on extraordinary stimulus measures taken, concerted health policies enforcement & aggressive search for a vaccine for the pandemic hasn’t really materialized as a much larger second wave of infections took the globe by a storm. Even though three vaccines have moved into the deployment stage, things might get worse before they get any better. Renewed lockdowns are endangering the fragile economic recovery.

Along with the current economic projections, the OECD has also forecast an upside and downside scenario (chart above) — for the latter, delayed vaccinations or new…