1/3  BIS central bankers' speeches  Looking out to 2021 and 2022, we are projecting annual growth to average almost 4 percent, with household spending leading the way. But we expect this growth to be uneven across sectors and choppy over time.
Some parts of the economy will simply be unable to completely reopen until a vaccine is widely available, so sectors will recover at very different speeds. Moreover, as infection rates fluctuate, economic activity will continue to be affected by containment measures as well as consumer and business caution. We expect business investment to remain weak as uncertainty persists and exports to grow only slowly.