Global economy to improve in 2021 according to OECD

The Organization for Economic Cooperation and Development (OECD) sees that the growth rate of the global economy has decreased by 4.2% this year due to the general closure that extended for several months in order to limit the spread of the Corona virus, but the organization expects that the growth of the economy will increase again by 4.2% in 2021, This is due to the measures that the organization described as “unprecedented” by governments and central banks, but warned that this improvement will not be equal for all countries and will lead to permanent changes in the global economy.

China will be the only one among the major economies in the world that will not suffer a drop in its economy this year with a growth rate of 1.8%, which will rise to 8.0% in 2021, and on the other hand, the US economy will shrink by 3.7% this year, but will achieve a growth rate of Only 3.2% in 2021, while the European Eurozone will not be able to compensate for its loss next year, after its economy declined by 7.5% this year, as it is expected to grow by 3.6% in 2021.

Japan also suffered, like its European counterpart, from a decline in its economy by 5.3% this year and an expected growth of 2.3% in 2021, and Brazil’s economy will decline by 6.0% this year, followed by a growth of 2.6% in 2021, and it is expected that many other countries will also enjoy a slow improvement Looking ahead, India looks better than others, with its economy declining by 9.9% this year and growing by 7.9% next year.

Overall, China is expected to account for a third of global growth next year, while North America and Europe will contribute less than their current size to global growth next year, and the OECD urged local governments to focus on securing basic goods and services such as education, public health and infrastructure on Earth. Reality and digitally, which represent the basis for economic growth.

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