With the beginning of mass vaccination against COVID-19in the world, international organizations that regularly publish reviews of the global economy predict its growth. In January this year, the International Monetary Fund projected the global economy is to grow 5.5 percent in 2021. The 2021 forecast is revised up 0.3 percentage point relative to the previous forecast, reflecting expectations of a vaccine-powered strengthening of activity later in the year and additional policy support in a few large economies. For countries with developing economies, the forecast for 2021 has been improved to 6.3% (+ 0.3%).
Deutsche Bank’s Global Economics team has raised its forecast for global growth in 2021 to 6.8%.
According to Deutsche Bank, China, India and the United States will be the engines of the global recovery this year.
The Organization for Economic Cooperation and Development (OECD) has even more optimistic forecasts. They also associate expectations of higher GDP growth rates for the next two years with the use of effective vaccines against COVID-19, the allocation of additional financial support in some countries. The OECD expects Global GDP growth to be 5.6% this year, an upward revision of more than 1 percentage point from the December OECD Economic Outlook and 4% in 2022.
Cost pressures have begun to emerge in commodity markets due to the resurgence of demand and temporary supply disruptions, but underlying inflation remains mild, held back by spare capacity around the world.
Despite the negative impact of the coronavirus pandemic on the global economy, Turkmenistan has managed to maintain high growth rates of the national economy that makes up 5.9 % in 2020. The same indicator has been achieved summing up the results of two months of this year. According to national experts, the highest production growth rates in 2020 were fixed for the following types of products: electricity (19.4%), gasoline (10.0%), liquefied hydrocarbons (22.4%), polyethylene (more than 2.1 times), polypropylene (25.4%), mineral fertilizers (36.8%), plastic and fiberglass pipes (27.5%), cotton fiber (18.2%).
Ogulgozel REJEPOVA
