While global GDP is projected to grow by 5.7% in 2021, economies are on strikingly different paths to recovery.
Some are on the fast track to regaining both GDP and employment, while others are still far below pre-pandemic levels in one or both categories. Countries like Russia and France have been able to nearly recover or exceed Q4 2019 employment levels but are still lagging behind in GDP growth. Countries like the United States and Brazil have had a greater challenge keeping people employed.
A lack of universal vaccine access is exacerbating differences between the recovery in developed and developing economies. The global economy will remain at risk to negative shocks, like new virus variants and supply chain bottlenecks, until vaccines are widely deployed.
See also: OECD Economic Outlook