According to a UN study, global growth will reach 5.3 percent, the most in 5 decades.
According to a UN study published on September 15, Wednesday, global economic growth is expected to reach 5.3 percent this year as a result of the epidemic recovery, the highest pace in almost five decades.
“However, the recovery is unequal across geographical, socioeconomic, and sectoral lines,” according to the UN Conference on Trade and Development (UNCTAD) study. “Within advanced countries, the rentier elite has seen a wealth boom, while low-income workers are struggling.”
“Many countries in the South have been hit much harder than during the global financial crisis, while their now-heavier debt burden reduces their room for fiscal policy,” the UNCTAD said, adding that “policymakers in advanced economies have not yet realized the size of economic shock to developing countries, or its persistence.”
According to UNCTAD’s Trade and Development Report 2021, although the pandemic response in rich nations has lifted budgetary restrictions, international norms and practices have locked poor countries into pre-pandemic reactions and a condition of economic hardship.
According to UNCTAD, global growth would drop to 3.6 percent in 2022, leaving global income 3.7 percent lower than it was pre-pandemic, with a cumulative income loss of approximately USD13 trillion expected between 2020 and 2022.
After falling by 5.6 percent in 2020, international commerce in goods and services is expected to rise by 9.5 percent in 2021, according to the study, which also notes that “recovery has been very unequal, and scars will continue to weigh on trade performance in the years ahead.”
According to UNCTAD, Turkey’s GDP is projected to expand 3.9 percent in 2021 and 3.6 percent in 2022, with real income growth of 5.8 percent this year compared to 2019.
According to the study, Turkey was one of the few nations to record economic growth in 2020, with 1.8 percent growth, citing “an unparalleled credit bubble and a following strong increase in economic activity.”
“Turkey had a severe contraction in the second quarter of 2020, but this was followed by substantial growth in the third quarter, mainly due to accommodating monetary policy and the resulting credit boom,” the report said.
Despite a rise in infections in the second quarter of 2021, development has been fueled by the country’s industrial sector and government financial assistance for companies, according to the study.
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