The entire globe has been greatly affected by the COVID -19 pandemic with the world’s economy projected to decline by -4.5% in 2020 according to the latest report from the OECD. The effects of the lockdowns which were introduced in many countries across the globe had a significant impact on economic growth. Reports of further lockdowns and restrictions in the US and some countries in Europe are expected to further impact the global economy. Reports of a breakthrough in COVID-19 vaccine is a welcome development, although it shall take some time until the global economy can recover to pre-COVID era. Against this background, the global economic outlook remains uncertain and growth prospectus will depend on several factors such as availability of the vaccines to the larger global population, the extent of any new COVID-19 outbreaks as well as the duration and effectiveness of both fiscal and monetary policy interventions by various governments across the globe.
