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Even With Vaccines, Economic Recovery Will Be Slow


In its latest global economic outlook released Tuesday, the Organization for Economic Cooperation and Development predicted that recovery would be slow for most countries except China.
The global economy is forecast to grow by 4.2 percent next year, gaining momentum only after the summer. 
The boost will be led by China, which will end the year with growth of around 10 percent, according to the organization’s chief economist. 
South Korea, Sweden and India have also weathered the economic crisis far better than most European countries and nations in Latin America.
Income inequality has worsened, while small- and medium-size businesses, which drive job creation, are in debt. Recovery in Western countries especially is likely to remain fragile.
Recommendations: The O.E.C.D. urged governments to extend financial support programs and strengthen national health care and social safety nets.
 While the vaccines are likely to take up to a year to roll out, the cost of social and economic support programs is worth it to help ride out the storm, the O.E.C.D. said.

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