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Bank of China: Global economy is expected to recover faster in H2

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Reference:CGTN | Updated:13 July 2021

The global economy is likely to recover at a faster pace in the second half of this year, according to a Bank of China (BOC) report released in early July.

The global economy will grow by around 5.8 percent in 2021, said the economic and financial outlook for the third quarter, prepared the BOC Research Institute.

In the first half of 2021, production activities globally have gradually reached the pre-pandemic level. Consumption has also recovered and is accelerating, easing the imbalance between supply and demand, the report said.

The global economic recovery is likely to speed up in the second half of 2021. Still, regionally it will be an uneven process due to stronger policy support and faster vaccination in developed economies, it added.

In developing countries, however, the recovery is exposed to downside risks due to threats from the upsurge in new coronavirus variants and poor access to vaccines, finance ministers of the world's 20 largest economies warned last week.

The world was facing "a worsening two-track recovery" partly driven by the differences in vaccine availability, said IMF Managing Director Kristalina Georgieva.

IMF has forecasted that international cooperation on COVID-19 vaccines could speed world economic recovery and add $9 trillion to global income by 2025. 

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