The global recovery is bypassing the poorest countries

The global economy is booming—or so it might seem.

Global growth is surging again, only a year after COVID-19 triggered the deepest recession since World War II.  This year is likely to mark the strongest post-recession rebound in 80 years: global GDP is expected to expand 5.6 percent. Growth in advanced economies is expected to reach 5.4 percent—the highest rate in nearly 50 years—powered by rapid vaccination and unprecedented fiscal- and monetary-policy support since the beginning of the pandemic.  Almost all advanced economies will go back to their pre-pandemic per-capita income levels in 2022. In some parts of the world, clearly, the pandemic’s damage is being repaired quickly.

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Building back from COVID-19 – Creating economic opportunities for the poorest

It is increasingly apparent that the costs of COVID-19 will be borne disproportionately by poorer segments of society, especially in lower income countries. Women, children and displaced 20150625-zambia-hoel-5197populations have been hardest hit. This crisis – more so than other crises before  – requires scalable solutions for the world’s poorest. For many countries, this presents unchartered territory.

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