The first quarter of 2021 has come to an end. The global economy has enveloped the changed operating environment, as many sectors around the world resumed activity. Global GDP growth for 2021 is now projected at 5.6% (from 2020’s GDP contraction of 3.4%), according to the OECD. The ongoing vaccine rollouts, and additional fiscal support in some countries are expected to be the pillars that will drive the recovery. The vaccine rollout in the last few months, however, has been uneven as many countries remain embattled with pandemic restrictions while infection rates climb back up as variants of the virus emerge. Countries such as the United States and those in Europe, which are significantly ahead of the vaccine race, are likely to be the one of the main pillars of global growth in 2021. Sub Saharan Africa, on the other hand, is likely to drag the growth as it contends with procuring adequate vaccines. A rebound to pre-pandemic levels of the word output is anticipated by mid-2021.
