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The world economy has performed about as well as could be expected, if one takes as given the pandemic and the inadequate public health response.
Global growth in 2020 was negative 3.3 per cent, which is very low historically. But the economic outlook is stronger now than one would have thought possible at the start of 2021.
It was always likely that the global pandemic would have a more severe economic effect in developing countries, overall, than in rich countries. The US will lead the recovery, together with China.