Russia Economic Report, No. 45, May 2021 : Russia’s Economic Recovery Gathers Pace
The COVID-19 pandemic continues to disrupt activity across the world, casting wide uncertainty around GDP projections. Despite the protracted and uncertain nature of the pandemic, global GDP growth is forecast to recover to 4 percent in 2021 and to...
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World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/en/204841621980183498/Russia-Economic-Report-Russia-s-Economic-Recovery-Gathers-Pace-Special-Focus-on-Cost-Effective-Safety-Nets http://hdl.handle.net/10986/35653 |
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okr-10986-356532021-06-14T09:52:30Z Russia Economic Report, No. 45, May 2021 : Russia’s Economic Recovery Gathers Pace World Bank Group ECONOMIC GROWTH ECONOMIC RECOVERY BALANCE OF PAYMENTS MONETARY POLICY FINANCIAL SECTOR FISCAL TRENDS LABOR MARKET SAFETY NETS POVERTY CORONAVIRUS COVID-19 PANDEMIC IMPACT The COVID-19 pandemic continues to disrupt activity across the world, casting wide uncertainty around GDP projections. Despite the protracted and uncertain nature of the pandemic, global GDP growth is forecast to recover to 4 percent in 2021 and to moderate to 3.8 percent in 2022 under baseline assumptions established in January 2021. The baseline recovery, however, is not sufficient to return global output to pre-pandemic projections by 2022, with levels expected to be 4.4 percent below pre-pandemic projections next year. COVID-19 has reversed hard-won gains in poverty reduction, with the pandemic expected to push over 100 million people into extreme poverty by the end of 2021. Accompanying the rise in extreme poverty is that of food insecurity, especially in light of the steep falls in household incomes due to widespread job losses – many of which are not anticipated to be regained this year. The pandemic is expected to have longer-term scarring effects on productivity growth and potential output, as the erosion of business confidence further weakens investment and as human capital accumulation slows due to a deterioration in health outcomes, extended school closures, and prolonged unemployment. Global trade continues to recover, but with wide variations across countries and sectors. Global financing conditions remain accommodative amid ongoing vaccination drives in major economies. 2021-06-03T16:51:51Z 2021-06-03T16:51:51Z 2021-05-25 Report http://documents.worldbank.org/curated/en/204841621980183498/Russia-Economic-Report-Russia-s-Economic-Recovery-Gathers-Pace-Special-Focus-on-Cost-Effective-Safety-Nets http://hdl.handle.net/10986/35653 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Economic Updates and Modeling Economic & Sector Work Europe and Central Asia Russian Federation |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ECONOMIC GROWTH ECONOMIC RECOVERY BALANCE OF PAYMENTS MONETARY POLICY FINANCIAL SECTOR FISCAL TRENDS LABOR MARKET SAFETY NETS POVERTY CORONAVIRUS COVID-19 PANDEMIC IMPACT |
| spellingShingle |
ECONOMIC GROWTH ECONOMIC RECOVERY BALANCE OF PAYMENTS MONETARY POLICY FINANCIAL SECTOR FISCAL TRENDS LABOR MARKET SAFETY NETS POVERTY CORONAVIRUS COVID-19 PANDEMIC IMPACT World Bank Group Russia Economic Report, No. 45, May 2021 : Russia’s Economic Recovery Gathers Pace |
| geographic_facet |
Europe and Central Asia Russian Federation |
| description |
The COVID-19 pandemic continues to
disrupt activity across the world, casting wide uncertainty
around GDP projections. Despite the protracted and uncertain
nature of the pandemic, global GDP growth is forecast to
recover to 4 percent in 2021 and to moderate to 3.8 percent
in 2022 under baseline assumptions established in January
2021. The baseline recovery, however, is not sufficient to
return global output to pre-pandemic projections by 2022,
with levels expected to be 4.4 percent below pre-pandemic
projections next year. COVID-19 has reversed hard-won gains
in poverty reduction, with the pandemic expected to push
over 100 million people into extreme poverty by the end of
2021. Accompanying the rise in extreme poverty is that of
food insecurity, especially in light of the steep falls in
household incomes due to widespread job losses – many of
which are not anticipated to be regained this year. The
pandemic is expected to have longer-term scarring effects on
productivity growth and potential output, as the erosion of
business confidence further weakens investment and as human
capital accumulation slows due to a deterioration in health
outcomes, extended school closures, and prolonged
unemployment. Global trade continues to recover, but with
wide variations across countries and sectors. Global
financing conditions remain accommodative amid ongoing
vaccination drives in major economies. |
| format |
Report |
| author |
World Bank Group |
| author_facet |
World Bank Group |
| author_sort |
World Bank Group |
| title |
Russia Economic Report, No. 45, May 2021 : Russia’s Economic Recovery Gathers Pace |
| title_short |
Russia Economic Report, No. 45, May 2021 : Russia’s Economic Recovery Gathers Pace |
| title_full |
Russia Economic Report, No. 45, May 2021 : Russia’s Economic Recovery Gathers Pace |
| title_fullStr |
Russia Economic Report, No. 45, May 2021 : Russia’s Economic Recovery Gathers Pace |
| title_full_unstemmed |
Russia Economic Report, No. 45, May 2021 : Russia’s Economic Recovery Gathers Pace |
| title_sort |
russia economic report, no. 45, may 2021 : russia’s economic recovery gathers pace |
| publisher |
World Bank, Washington, DC |
| publishDate |
2021 |
| url |
http://documents.worldbank.org/curated/en/204841621980183498/Russia-Economic-Report-Russia-s-Economic-Recovery-Gathers-Pace-Special-Focus-on-Cost-Effective-Safety-Nets http://hdl.handle.net/10986/35653 |
| _version_ |
1764483505679499264 |