The global economic context and its implications for sustainable development

As the COVID-19 pandemic continues to spread and mutate across countries, the global economic outlook remains bleak. The United Nations projects a modest recovery of 4.7 per cent for the global economy in 2021, which will barely offset the contraction of -4.3 per cent in 2020. The baseline outlook is also highly susceptible to downside risks amidst a high degree of uncertainty – including on access to vaccines, the spread of the virus and its more infectious variants, the impact of policy support measures, and debt sustainability. Against this backdrop, the global recovery is expected to be fragile and uneven.

Sustainable Development Goals:
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