The slow recovery of the global economy from COVID-19-related restrictions is due to the emergence of new strains of the virus, geopolitical factors, as well as supply disruptions. Such conclusions were reached by finance ministers and heads of central banks of the G20 states.
“The global economic recovery continues. However, new waves of coronavirus infection and the emergence of new options [вируса] affect the pace of recovery, ”the US Treasury said in a publication following the G20 meeting in Indonesia.
The document emphasizes that potential risks are presented by factors such as a mismatch between supply and demand, rising prices for raw materials, as well as supply disruptions.
At the same time, the subsequent recovery of the economy, as experts are convinced, will occur “out of sync”. This is due, in particular, to unequal access to vaccines.
On February 18, South African economist Desmond Lachman compared the modern world economy to a “giant bubble” that could soon burst in different parts of the world due to the financial crisis. According to the expert, the largest central banks have created at least three financial bubbles. By doing so, they are “putting the planet’s economy at significant risk” and we could see major stress in the financial markets in the coming year.
At the beginning of February, the US public debt for the first time exceeded $30 trillion, amounting to $30.012 trillion. As experts noted, this indicator was reached several years earlier than expected by American economists, and this happened due to the coronavirus pandemic. In mid-December 2021, US President Joe Biden signed into law an increase in the national debt limit. Thus, it increased by $2.5 trillion and amounted to $31.4 trillion.
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
