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China is expected to lead the recovery accounting for one-third of the world's economic growth next year.
The Organization for Economic Cooperation and Development (OECD) forecasted that vaccination campaigns alongside government financial support would boost the global economic activity by 4.2 percent in 2021.
OECD's latest report highlights that "the bounce-back will be strongest in the Asian countries that have brought the virus under control but even by the end of 2021, many economies will have shrunk from 2019 levels before the pandemic."
The prospect of #COVID19 vaccines becoming widely available next year has raised hopes for a faster #recovery.
However, determined policy action is needed to achieve a stronger, sustainable & inclusive global economy.
However, the organization projects "that recovery will be uneven across countries, potentially leading to lasting changes in the world economy." This as China is expected to lead the recovery accounting for one-third of the world's economic growth next year.
Moreover, the OECD advises governments to redirect public spending towards essential goods and services since this approach creates resilience amid the COVID-19 pandemic. International cooperation will also be critical to overcome the "first fully global crisis since World War II."