Global economy contracted to 3.3 percent in 2020 from a growth of 2.9 percent registered in 2019. 
Despite global downturn, growth was slightly higher than envisaged. The higher than expected 
growth outturn especially in second half of 2020 was due to easing of lockdowns by many 
economies. A rebound is expected in 2021 with growth prospects of 6.0 percent.The expected 
strong growth is against a backdrop of additional fiscal support in some of the large economies 
and COVID-19 vaccine which has been rolled out in many countries. In 2022, expectation is that 
the global economy will moderate with growth projection of 4.4 percent.