Iran Press/ America: "We are facing the worst health and economic crisis in 90 years. As we mourn the growing death toll, we must remember that the choices we make now will determine our collective future," said UN Secretary-General António Guterres.
"Let’s invest in an inclusive and sustainable future driven by smart policies, impactful investments, and a strong and effective multilateral system that places people at the heart of all socio-economic efforts."
In 2020, the world economy shrank by 4.3 percent, over two and half times more than during the global financial crisis of 2009. The modest recovery of 4.7 percent expected in 2021 would barely offset the losses of 2020, says the latest World Economic Situation and Prospects.
The report underscores that sustained recovery from the pandemic will depend not only on the size of the stimulus measures, and the quick rollout of vaccines, but also on the quality and efficacy of these measures to build resilience against future shocks.
Developed economies, projected to see a 4 percent output growth in 2021, shrank the most in 2020, by 5.6 percent, due to economic shutdowns and subsequent waves of the pandemic, increasing the risk of premature austerity measures that would only derail recovery efforts globally. Developing countries saw a less severe contraction at 2.5 percent, with an expected rebound of 5.6 percent in 2021, according to the estimates presented in the report.
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