The Impact of COVID-19 on the World Economy
2022-01-13 10:54:05
The World Bank released the latest World Economic Outlook report on January 11st, in which the global economy is expected to grow by 5.5% in 2021 and 4.1% in 2022, both of which are 0.2 percentage points lower than the previous forecast.
Obviously, this is because the world economy has been greatly affected by the COVID-19. According to the report, the COVID-19 continues to spread, the policy support of economies is reduced and the supply chain bottlenecks persist, so that the global economic recovery will significantly slow down. And the output of emerging and developing economies is expected to remain substantially below the pre epidemic level. The report points out that the global economy is facing many downturn risks, including the rapid spread of the new variant of Omicron, the surge of inflation expectations and the financial pressure caused by record high debt levels and so on. At the same time, climate change may exacerbate commodity price fluctuations and pose challenges to emerging markets and developing economies.
The World Bank calls on global economies to strengthen cooperation, accelerate the equitable distribution of vaccines, take positive measures to improve the debt sustainability of the poorest economies, strive to address climate change and inequality within economies, and introduce policies and measures conducive to growth to promote green, resilient and inclusive development.
The World Health Organization (WHO) chief once said he is optimistic that the coronavirus pandemic will be defeated in 2022, provided countries work together to contain its spread. Besides, many authoritative experts also have showed that the pandemic situation is likely to be under control globally in 2022.
The COVID-19 is the enemy of all mankind. We all mankind needs to be united to defeat the strong enemy. May the epidemic disappear as soon as possible and the world is back on the track!
Obviously, this is because the world economy has been greatly affected by the COVID-19. According to the report, the COVID-19 continues to spread, the policy support of economies is reduced and the supply chain bottlenecks persist, so that the global economic recovery will significantly slow down. And the output of emerging and developing economies is expected to remain substantially below the pre epidemic level. The report points out that the global economy is facing many downturn risks, including the rapid spread of the new variant of Omicron, the surge of inflation expectations and the financial pressure caused by record high debt levels and so on. At the same time, climate change may exacerbate commodity price fluctuations and pose challenges to emerging markets and developing economies.
The World Bank calls on global economies to strengthen cooperation, accelerate the equitable distribution of vaccines, take positive measures to improve the debt sustainability of the poorest economies, strive to address climate change and inequality within economies, and introduce policies and measures conducive to growth to promote green, resilient and inclusive development.
The World Health Organization (WHO) chief once said he is optimistic that the coronavirus pandemic will be defeated in 2022, provided countries work together to contain its spread. Besides, many authoritative experts also have showed that the pandemic situation is likely to be under control globally in 2022.
The COVID-19 is the enemy of all mankind. We all mankind needs to be united to defeat the strong enemy. May the epidemic disappear as soon as possible and the world is back on the track!
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