China to Bounce Back Quicker Post Covid, Enjoy Better GDP Growth than Other Nations: OECD

The Organization for Economic Co-operation and Development (OECD) has released its latest Economic Outlook, which suggests that it will be no sooner than end of 2021 that the global GDP reaches the pre-pandemic levels.

The way global and local economies will behave depends on various factors, including the speed of Covid-19 vaccination rollout and the tenacity of health and financial policies. If implemented effectively, these factors will lift global GDP by 4.2% in 2021 after a fall of 4.2% this year.

The bounce-back, according to the report, will be strongest in Asia. A graph proposing GDP projections for various nations and areas showed that China was the only nation on the list to enjoy real GDP growth in 2020, with 1.8%, 8% in 2021 and 4.9% in 2022.

In comparison, the United States, having suffered a 3.7% drop in 2020, is set to achieve 3.2% and 3.5% real GDP growth in 2021 and 2022 respectively.

The United Kingdom, compared to most countries on the Outlook’s graph, got affected more heavily suffering a GDP reduction of 11.2% in 2020, with only Argentina showing worse results – 12.9% drop.

Source: Sputnik

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