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Global economy recovering from pandemic better than expected: OECD

Secretary-General of the OECD Mathias Cormann Source: AAP

The global economy is recovering from the COVID-19 pandemic better than expected, says the OECD. While the Philippines President has lectured wealthy nations on the immorality of vaccine inequity.

The global economy is growing faster than expected amid the coronavirus pandemic. So says forecast from the Organisation for Economic Co-operation and Development (OECD).

OECD Secretary-General Mathias Cormann says it came as a welcome surprise.

"This pandemic, which has taken a terrible toll in terms of the number of deaths and long-lasting health impacts, has wreaked havoc on the world economy. It hit the livelihoods of countless people and it is not over. However, it is fair to say that things have turned out better than we and most economic forecasters initially feared. We have been consistently upgrading our projections for GDP ever since the middle of 2020."

The OECD anticipates global economic growth of 5.7 per cent this year, and 4.5 per cent in 2022.

However, the recovery remains uneven with countries emerging from the crisis at differing paces and facing differing challenges.

"The recovery remains uneven across countries and across sectors. Advanced economies, where vaccination progressed quickly and policy support was strong, are already close to the pre-crisis trend. Emerging markets, however, are often still lagging behind both on vaccination levels and in terms of their GDP."

 

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