Selangor Journal
People wearing protective masks cross a street in front of Petronas Twin Towers, amid the Covid outbreak in Kuala Lumpur, on January 11, 2021. — Picture by REUTERS

Global GDP expected to reach pre-pandemic levels by mid-2021 — OECD

BRUSSELS, March 10 — The global GDP is expected to reach pre-pandemic levels by mid-2021, provided that countries roll out vaccines rapidly to lift the coronavirus-related restrictions and prevent further mutations of the virus, the Organisation for Economic Co-operation and Development (OECD) said on Tuesday, reported Sputnik.

“World output is expected to reach pre-pandemic levels by mid-2021 but much will depend on the race between vaccines and emerging variants of the virus,” the OECD said in its report.

The OECD stressed that pharmaceutical companies should boost the production and distribution of vaccines to facilitate economic recovery.

“The outlook for growth would improve (upside scenario) if the production and distribution of doses accelerate, is better co-ordinated around the world and gets ahead of virus mutations. This would allow containment measures to be relaxed more rapidly and global output to approach pre-pandemic projections for activity,” the OECD said.

The report added that the growth of the global GDP is expected to be 5.6 per cent in 2021 – if countries manage to immunise their population in time.

According to the OECD, the economic crisis caused by the coronavirus pandemic has hampered the world output by 3.4 per cent, with Spain, Argentina, the United Kingdom, Mexico, Italy, France and India faced with a seven per cent decrease in their GDP growth.

— Bernama

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