In its just-released interim Economic Outlook, providing an updated look at the COVID-19 pandemic’s effect on the world economy, the Organisation for Economic Cooperation and Development (OECD) has revealed that global gross domestic product (GDP) could recover to pre-pandemic levels as early as 2021.
The OECD warned that resilient and sustainable growth will depend on factors like; business confidence, how well health measures are observed and the likelihood of new outbreaks.
The report also notes that uncertainty remains high and that the strength of the recovery depends on numerous variables, resulting in an upside and a downside scenario.
“Prospects for an inclusive, resilient and sustainable economic growth will depend on a range of factors.”
“These include the likelihood of new outbreaks of the virus, how well individuals observe health measures and restrictions, consumer and business confidence, and the extent to which government support to maintain jobs and help businesses succeed in boosting demand.”