Gross Domestic Product (GDP) in many emerging economies will return to pre-pandemic levels next year, while per capita income level in will take longer to recover, World Bank President David R. Malpass said on Monday.
"GDP will return next year to pre-pandemic levels to many emerging and developing economies, but per capita income will take more time to reach 2019 levels. In many countries the recovery is even slower and full of complex challenges," the financial institution's president said during a World Bank event dedicated to post pandemic developing economies growth.
There was a rebound in 2021 for many emerging economies and developing countries in Europe and Central Asia, whose regional economy is expected to grow by 5.5% in 2021, exceeding projections according to the latest edition of the World Bank's economic update.
Developing markets were hit by the economic shock of the pandemic, with some of them experiencing a significant downturn in their growth rates.
However, emerging economies like China and the United Arab Emirates (UAE), which managed to contain the virus from mass spreading in the early stages of the pandemic, are recovering earlier and faster according to the International Monetary Fund (IMF).