From Isaac Anumihe, Abuja
In its October World Economic Outlook, World Bank projected global economy to grow 5.9 per cent in 2021 and 4.9 per cent in 2022, 0.1 percentage point lower for 2021 than in the July forecast.
The downward review for 2021 reflects a downgrade for advanced economies—in part due to supply disruptions—and for low-income developing countries, largely due to worsening pandemic dynamics.
This, the bank said, is partially offset by stronger near-term prospects among some commodity-exporting emerging markets and developing economies. Rapid spread of Delta and the threat of new variants have increased uncertainty about how quickly the pandemic can be overcome. Policy choices, according to the global bank, have become more difficult, with limited room to maneuver.
“The global economic recovery is continuing, even as the pandemic resurges. The fault lines opened…