The global economy is recovering from the pandemic, with industry doing well but retail and services struggling, especially in Europe. Fiscal stimulus is helping to offset the impact. Economic restrictions are expected to ease in the second half of 2021, boosting private consumption. The US and China are leading the way in growth, with forecasts increased for 2021 and 2022. Global production is expected to return to its long-term growth path by the end of 2022. Despite some uncertainties being resolved, risks remain from new waves of infections and insolvencies.