How long will it take for the economy to recover from COVID-19

The Organization for Economic Cooperation and Development (OECD) released its economic forecast on May 31, 2021 (local time). Through this, the economic recovery situation stagnated by the impact of COVID-19 and GDP growth forecasts for each country are summarized.

According to the OECD, the global average for GDP growth in 2020 was -3.5%. In response, the projected GDP growth rate for 2021 was raised to 5.8% from 4.2% announced in December 2020. In 2022, the global average GDP growth rate is expected to be 4.4%. The OECD explains that the reason for the upward revision of the forecast is that the US economy will improve following the stimulus package led by the US government.

Looking at the GDP growth rate announced by OLED, Australia, the US, and Europe are expected to grow at a rate that exceeds the global average after 2021. In the case of Korea, it is expected to rise to -0.9% in 2020, 3.8% in 2021, and -2.8% in 2022.

In addition, when looking at the forecast for the period of time it will take for the G20 per capita real GDP growth rate to recover to the pre-COVID-19 level, China and Turkey will complete their recovery in 2020, and Korea, Russia, the US, Japan, Germany, India, and Indonesia will recover by 2021. is predicted to be On the other hand, real GDP per capita recovery in Saudi Arabia and South Africa is expected to take until 2024, while Argentina is expected to recover only in 2026.

According to the OECD, 16 months have passed since the outbreak of COVID-19 and many countries are coping well with the COVID-19 epidemic. It points out that the low is a fundamental threat to the economy and that the time it takes to recover varies from country to country. Related information can be found here.