The global economy is recovering despite the rise in Covid-19 cases. Industrial production and world trade are back to pre-pandemic levels. Europe is in a recession but is expected to recover strongly in spring. The global economy is predicted to grow by 6.7% in 2021 and 4.7% in 2022. The United States is expected to see a particularly strong improvement. World trade in goods is projected to grow by 7.5% this year. By the end of the forecast period, world trade will be higher than before the crisis.