Global economy faces slow recovery as pandemic continues to impact growth.
The world economy shrank by nearly 10% in the first half of 2020 due to the COVID-19 pandemic. Governments implemented measures to control the virus, causing a 7% drop in global output. Although there is a gradual recovery, it will take time to reach pre-crisis levels. Global output is expected to decrease by 3.6% this year, with a rebound of 6.7% in 2021 and 4.1% in 2022. However, long-term business prospects may suffer due to lower incomes and weaker balance sheets, impacting investment and preventing a return to pre-crisis levels in the near future.