The global economy should rebound strongly this year from its worst economic slump since the 1930s. However, the growth pattern is expected to be uneven across advanced and emerging economies, hinging critically on the virus cycle and the success of vaccine campaigns.
Implementation of vaccine programmes is proving quick and effective across advanced economies. Emerging countries are facing structural bottlenecks though. On financial markets, the massive US fiscal stimulus has pushed up inflation expectations amid higher growth projections, steepening the yield curve and strengthening the dollar.
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