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World Bank warns: late vaccination will slow world growth to 1.6%

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The latest World Bank projections for the alleged initial application of the coronavirus vaccine show that the world economy will grow by 4% this year and 3.8% in 2022.

After the 4.3% contraction that the economy suffered from the Covid-19 pandemic in 2020, the World Bank foresees a preliminary growth of this before the distribution of the vaccine expected throughout the year.

Likewise, the entity alerts that, otherwise; global GDP expansion will be limited to 1.6%. That is, if the cases of infected continue to increase and there is a delay in vaccination, GDP will decrease. However, if the optimistic scenario is contemplated, global growth would accelerate to almost 5%, if the spread of the pandemic is controlled and distribution is rushed.

According to the World Bank, in a baseline scenario the GDP of developed countries will grow 3.3% in 2021, after the 5.4% drop in 2019, and it will accelerate in 2022 to 3.5%. Meanwhile, the GDP of the developing economies will grow 5% in 2021 and 4.2% in 2022, after contracting less in 2020, 2.6%.

In this sense, the entity considers that, among the most developed economies, The United States will achieve a 3.5% expansion this year and 3.3% in 2022. On the other hand, the countries of the euro zone will contract to 3.6% in 2021, after contracting 7.4% in 2020. In addition, it will rebound by 3.6% in 2021 and 4% in 2022.

Among the more developed economies, the World Bank forecasts that the United States will register an expansion of 3.5% in 2021 and 3.3% in 2022, after falling 3.6% last year. At the same time, the euro zone, for which it estimates a contraction of 7.4% in 2020, it will bounce 3.6% in 2021 and 4% in 2022.

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