Global Economy Enters 2022 in Strong Health after Surprisingly Swift Pandemic Recovery–But New and Pre-Existing Conditions Cloud the Long-Term Prognosis

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Indeed, global GDP—which contracted by an unprecedented 3.3% in 2020—is calculated to have recovered all of its losses by Q1 2021. By the end of 2022, 66 out of 77 key economies, representing 96% of global GDP, should be at or above pre-pandemic output levels, though labor market and income recovery will lag somewhat.

“Now the hard work begins for businesses and policymakers,” added Peterson. “Lessons learned in resilience and surviving disruption during the pandemic will become increasingly relevant in the decade ahead, amid a new mix of challenges—including some trends catalyzed by the pandemic and others that predated it. Also, an evolution in the ways that we consume and work, including developments like telehealth and remote work, can potentially increase the productive capacity of the global economy and promote…

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