The global economic rebound from the pandemic has picked up speed but remains uneven across countries and faces multiple headwinds. Most worrisome: the lack of vaccines in poorer nations, which could lead to new virus variants and more stop-and-go lockdowns.
Those were key points from the latest economic outlook published Monday by the Paris-based Organization for Economic Cooperation and Development.
OECD chief economist Laurence Boone said that economic prospects "have improved considerably in recent months, and the outlook is brightening ... however, the health situation remains highly uncertain."Although the OECD said most individual countries would reach pre-pandemic levels of output by the end of 2022, it cautioned that "this is far from enough."
The Paris-based organization listed several threats to the recovery, including lack of vaccines in poorer countries that have fewer resources for relief efforts. "A renewed virus-driven weakening of growth would be harder to cushion, resulting in further increases in acute poverty" and raising the risk of financial crisis, the OECD said in its forecast report.
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