Although the global recession in 2020 was more minor than expected, data from Euromonitor anticipates key global markets to still rebound. According to its latest Global Economic Forecasts report for the first quarter of 2021, real gross domestic product only shrunk 3.6 percent. By contrast, 2021 is expected to see global real GDP grow 5.6 percent, with growth in 2022 anticipated to be around 4 percent.
As evidenced, the coronavirus is the largest component in determining an economy’s recovery. In the U.K., for example, public restrictions knocked a percentage point off of the country’s forecast. Conversely, in the U.S., the recently passed stimulus package was the biggest factor in determining the country’s growth. Here, see the world’s advanced economies, ranked by percent projected growth in 2021.
Fastest-Growing Advanced Economies, By Projected Growth in 2021:
Spain: 5.5 percent
France: 5 percent
U.S.: 4.7 percent
Italy: 4.2 percent
Eurozone: 4.1 percent
United Kingdom: 4 percent
Canada: 4 percent
Germany: 3.3 percent
South Korea: 3 percent
Japan: 2.3 percent
Source: Euromonitor
Time period: First Quarter, 2021
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