World economy

Compared to three months ago, we have revised up our global GDP growth forecast for this year from −4.5% to −4.2% on the back of evidence showing a faster than anticipated recovery around the middle of the year. That said it has become clear than the expansion has already entered a second, slower growth phase. With many economies, particularly in Europe, needing to reimpose some restrictions on activity in the light of rising Covid‐19 cases, we have lowered our forecast for global GDP growth next year from 5.8% to 5.2%.