November 17, 2021
Markets

The FINANCIAL – Many Developing Countries Struggle with the Pandemic’s Lasting Effects

The FINANCIAL — The global economy is expected to expand 5.6% in 2021, the fastest post-recession pace in 80 years, largely on strong rebounds from a few major economies. However, many emerging market and developing economies continue to struggle with the COVID-19 pandemic and its aftermath, the World Bank says in its June 2021 Global Economic Prospects, according to World Bank.


Despite the recovery, global output will be about 2% below pre-pandemic projections by the end of this year. Per capita income losses will not be unwound by 2022 for about two-thirds of emerging market and developing economies. Among low-income economies, where vaccination has lagged, the effects of the pandemic have reversed poverty reduction gains and aggravated insecurity and other long-standing challenges.

“While there are welcome signs of global recovery, the pandemic continues to inflict…

Read full article here: finchannel.com