Multi-speed global recovery, seven obstacles to overcome

The global recovery is on the right track albeit conditional on key differentiating elements across countries. Global GDP is expected to rebound by +5.1% in 2021, with one fourth of the recovery being driven by the US, while China should progressively adopt a less accommodative economic policy. In 2022, world GDP growth should reach +4%.   

Execution risks will remain a key differentiator between countries, with the pace of vaccination campaigns driving a multi-speed recovery and keeping divergence at high levels.

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