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Global Outlook

2021; Linguagem: Inglês

10.1596/978-1-4648-1665-9_ch1

1564-7021

Taxation and Compliance Studies

No AccessJul 2021Global OutlookAuthors/Editors: World BankWorld BankSearch for more papers by this authorhttps://doi.org/10.1596/978-1-4648-1665-9_ch1AboutView ChaptersFull TextPDF (77.6 MB) ToolsAdd to favoritesDownload CitationsTrack Citations ShareFacebookTwitterLinked In Abstract: Predicts that the global economy should expand 5.6 percent in 2021—its strongest post-recession pace in 80 years—but recovery will prove uneven and largely reflect sharp rebounds in some major economies—most notably the United States, owing to substantial fiscal support—amid highly unequal vaccine access. In many emerging market and developing economies (EMDEs), elevated COVID-19 caseloads, obstacles to vaccination, and a partial withdrawal of macroeconomic support offset the benefits of strengthening external demand and elevated commodity prices. By 2022, global output will remain about 2 percent below pre-pandemic projections, and per capita income losses incurred last year will not fully unwind in two-thirds of EMDEs. The global outlook remains subject to significant downside risks, including possible large COVID-19 waves of new virus variants and financial stress amid high EMDE debt levels. Policy makers must balance the need to support the recovery while safeguarding price stability and fiscal sustainability. ReferencesAkresh, R, D Halim, and M Kleemans. 2021. “Long-Term and Intergenerational Effects of Education: Evidence from School Construction in Indonesia.” Policy Research Working Paper 9559, World Bank, Washington, DC. LinkGoogle ScholarAlbanesi, S and J Kim. 2021. “The Gendered Impact of the COV1D-19 Recession on the US Labor Market.” NBER Working Paper 28505, National Bureau of Economic Research, Cambridge, MA. Google ScholarAlkire, S, R Nogales, N N Quinn, and N Suppa. 2020. “On Track or Not? 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