Global economy to witness “solid rebound” this year: UNCTAD

The COVID-19 pandemic struck world will see the light at the end of the tunnel this year, as the global economy is poised for a “solid rebound” in 2021, the United Nations Conference on Trade and Development (UNCTAD) said today.

The international agency attributed the global recovery to the vaccine roll out programmes and the expansionary policy adopted by nations across the world to help repair the harsh implications of the global health crisis.

“Nations that tackled the COVID-19 pandemic with rapid monetary, fiscal and vaccination programmes will likely see the strongest economic growth this year.

Healthy recoveries are expected in both developing and developed economies,” the UNCTAD said in its latest publication that was released earlier today.

It acknowledged that the swift responses of the central banks that buffered the financial shock at the beginning of the crisis helped ease the liquidity constraints and calm anxious investors.

However, the UNCTAD cautioned it is reasonable to assume that unless there is a determined shift in policy direction, the world economy will take more than a decade to catch up with its pre-pandemic trend.