Mapping The Recovery From The Global Recession Of 2020

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Global Recession 2020: When Will the Economy Recover?

With 2020 nearly behind us, many are eagerly looking ahead to what 2021 will bring. COVID-19 vaccinations have begun, and hope is on the horizon for a stronger economy going forward.

The Organization for Economic Co-operation and Development (OECD) projects that after a 4.2% drop this year, the global economy will reach pre-pandemic levels in 2021. This animation, which uses data from the OECD, shows which countries will recover the fastest from the global recession in 2020.

Economic Forecast by Country

The projections assume that renewed virus outbreaks remain contained and that a widely available vaccine near the end of 2021 helps to support confidence. Information used in the projections, such as monetary and fiscal policies, is as of November 27, 2020.

Here is how the economic forecasts break down for both OECD and non-OECD countries, sorted by projected real GDP growth in 2021:

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Country 2020P 2021P 2022P
China 1.78 8.04 4.95
India -9.86 7.90 4.83
France -9.11 6.03 3.27
Spain -11.63 5.00 3.99
Belgium -7.45 4.69 2.68
Italy -9.05 4.29 3.17
Chile -6.04 4.25 2.96
United Kingdom -11.25 4.20 4.10
Indonesia -2.43 3.96 5.05
Argentina -12.92 3.71 4.55
Country 2020P 2021P 2022P
Mexico -9.19 3.56 3.43
Canada -5.39 3.47 2.01
Colombia -8.32 3.47 3.73
Slovenia -7.51 3.44 3.54
Estonia -4.74 3.42 3.33
Bulgaria -4.12 3.31 3.71
Sweden -3.22 3.27 3.31
Australia -3.83 3.24 3.06
Norway -1.18 3.23 1.55
United States -3.70 3.19 3.46
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