Statistics have changed very little since our previous report, with the world economy expected to trend at least 3% in GDP growth over 2021.
Still, the exceptions to this will be Venezuela, Oman, The Republic of South Sudan, Republic of Congo and Nicaragua. Overall, current projections from the IMF show that emerging and developing economies are going to see the biggest bounce back with 6% growth, followed by the advanced economies at 3.9%.
China still remains the current economic powerhouse, with 1.9% growth in 2020 and current estimates forecasting 8.9% growth for 2021. As noted in our previous report, this puts China on track to overtake the United States as the world’s largest economy by 2028. India is not far behind and is expected to match or even outpace China in 2021 before outpacing them by at least 2% year-on-year afterwards. If that trend occurs as expected, China’s status as the world’s largest economy will only last two years with India taking over in 2030.
The Eurozone overall is continuing on trend with good increases in GDP; however, recent complications with vaccine rollouts and potential additional COVID-19 spikes in Italy and alike could threaten this growth. Both Eastern and Western Europe will see impressive growth back to pre-pandemic levels and the United Kingdom is anticipated to see similar growth in its first full year outside of the European Union.
[infogram id=”0c435d64-981c-4fea-9697-85e022fd80b3″ prefix=”akT” format=”interactive” title=”2021 Q2: 3 Annual GDP Growth”]
