Global economy poised for strongest post-recession growth in 80 years, World Bank says

The global economy is on track to grow at the fastest post-recession pace in 80 years, thanks to steady – but uneven – vaccine distribution, the World Bank said in a new report released Tuesday.

The Washington-based institution forecast that global growth will increase by 5.6% in 2021, an increase from its projection of 4.1% in January. By comparison, global GDP contracted at a 3.5% annualized rate in 2020, when economies across the world came to a near standstill to slow the spread of COVID-19.

The projected growth would make 2021 the fastest year for economic expansion since 1973 when it grew 6.6%.