Although the projected growth rate for 2021 was revised slightly downward from the forecast made in July, there is no change to the projection that the global economy will grow well above the long-term average of 3.5 percent for two years in a row. However, the recovery in the global economy at an unprecedented rate is creating various frictions in various areas.
The Group of Ten (G-10) is made up of eleven (11) industrial countries namely; (Belgium, Canada, France, Germany, Italy, Japan, The Netherlands, Sweden, Switzerland, United Kingdom and United States). The committee believes that the revised framework will promote the adoption of stronger risk management practices by the banking industry worldwide.