Overall, after experiencing a 3.1% contraction in 2020, the world economy is expected to grow by around 5.7% in 2021 and 4.4% in 2022 (Table 1).
Economic recovery has occurred in the two largest global economies, namely China with 8.0% and 5.4% growth in 2021 and 2022 after growing 2.3% in 2020, and the US with 5.9% and 3.9% growth in 2021 and 2022 after a 3.4% contraction in 2020. Meanwhile, economic recovery in other countries is expected to occur in 2022 with continued economic improvements in 2021.