Many of Europe's economies are expected to take nearly three years to recover to pre-pandemic levels, despite global prospects improving as countries open up and roll out vaccination programmes. That's according to the Organization for Economic Cooperation and Development (OECD) and its annual economic outlook. The organisation says the global economic rebound has picked up speed following the disastrous period in the wake of the COVID-19 pandemic. OECD chief economist Laurence Boone said that economic prospects "have improved considerably in recent months." This is due to relief and stimulus measures in the more developed world, the report said. It forecast that global output would rise 5.8%, raising its forecast from 4.8% during its previous outlook in December. This year’s predicted rebound follows last year’s contraction of 3.5%, and would be the fastest since 1973. But although the OECD said that most of the world would reach pre-pandemic levels of output by the end of 2022, it cautioned that "this is far from enough." Europe must speed up vaccine rollout to boost economy, says OECD World economy ‘to return to pre-pandemic levels’ by 2022, watchdog says The Paris-based organization listed several threats to the recovery, including lack of vaccines in poorer… Read full this story
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