The United States and China are leading the global recovery, but the epidemic is far from over

“After a sharp contraction of 3.6% in 2020, the global economy is expected to expand by 5.4% in 2021This is what it emanates from Mid-Year Report on the World Economic Situation and Prospects (WESP) issued by the United Nations Department of Economic and Social Affairs (DESA).

Between rapid vaccinations and ongoing financial and monetary support measures, China and the United States, the two largest economies in the world, are on the right path to recovery and their growth will stimulate global growth, but this strong recovery is not enough to boost optimism. The epidemic is not over yet for most developing countriesThe increase in infections due to Covid-19 and the inequality of vaccines Threatening one A broad-based recovery of the global economy.

Projections in southern Asia, sub-Saharan Africa, and Latin America and the Caribbean remain fragile and uncertain, so much so that economic output is expected to return to pre-pandemic levels only in 2022 or until 2023.

The situation of the most vulnerable is becoming more and more precarious. Sieges and social distancing measures have resulted in significant job losses. The recovery in global trade is strong but uneven. “Trade in goods has already exceeded pre-pandemic levels, supported by strong demand for electrical and electronic equipment, personal protective equipment and other manufactured products.Other than.A rapid recovery in tourism and commodity-dependent economies appears unlikely. Trade in services, especially tourism, will remain flat due to the slow lifting of restrictions on international travel and the fear of new waves of infection.“.

Textile workers conduct quality control checks at a factory in Izmir, Turkey (ILO / Kivanc Ozvardar)

Women remain the most affected, becauseThey have been at the forefront of the fight against the epidemicBoth of them to “Unpaid housework and welfare burdenThey are also underrepresented in decision-making related to the health crisis and in economic policy responses.The pandemic has pushed nearly 58 million women and girls into extreme povertySaeed Hamid Rashid, Global Economy Watch Branch of the United Nations Department of Economic and Social Affairs and lead author of the report. “Fiscal and monetary measures to guide the recovery must take into account the differential impact of the crisis on different population groups, including women, to ensure an inclusive and resilient economic recovery.” he added.