The world has evolved at a rapid pace with major improvements in living standards, driven most notably by technological advancements, globalization and economic reforms.
The rapid technological change that has been driving long-term economic growth, productivity and improvements in living standards also poses risks to the population over the medium to long term, potentially disrupting labor markets and productive sectors unless countries adapt to the new realities.
Economic recovery and prospects vary across countries. Although most countries are projected to either decline or grow more slowly in 2021 compared to 2019, the divergence in income prospects between advanced and emerging and developing economies excluding China is projected to worsen.
The expected recovery in consumer spending in 2021 is projected to be uneven across countries, depending on the depth of the 2020 slump, the government policy response, long-term demographic and economic shifts and the pace of the recovery.
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