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World economy 'to return to pre-

pandemic levels' by 2022, watchdog
says
By Michael Daventry  •  last updated: 01/12/2020
Copyright   ALESSANDRO DELLA VALLE/EPA
 TEXT

1.Digitization, inclusion and the fight against climate change are some
of the characteristics that the economy that will emerge after the
pandemic will have and that opens investment possibilities in terms of
digital infrastructure, health, education, environment and energy,
among other sectors. indicates a report from the General Directorate of
Finance of the Belisario Domínguez Institute of the Senate of the
Republic (IBD).

2.From a financial point of view, the crisis can still generate

bankruptcies and solvency problems for different agents, which could
eventually cause an increase in delinquencies and affect some
financial institutions, the IBD document refers.
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3.Vaccinations and financial support from governments will help the

global economy recover to pre-pandemic levels by the end of 2021, a
global economic watchdog has predicted.

4.But the forecast by the Organization for Economic Cooperation and

Development (OECD) also said the bounce back will be uneven in
countries around the world and will depend heavily on the success of
battling COVID-19.

5."The contribution of Europe and North America to global growth will

remain smaller than their weight in the world economy," OECD chief
economist Laurence Boone said introducing a report published on
Tuesday.

6."China, which started recovering earlier, is projected to grow strongly,

accounting for over one-third of world economic growth in 2021."

7.OECD secretary-general Angel Gurria said it was a sign of "hope" for

the first time since the pandemic hit at the beginning of this year.

8."The good news about vaccines has instilled a degree of optimism...

but we are not out of the woods yet," he said.

9.The OECD predicts the global economy will shrink about 4.2% this
year and rebound by the same rate in 2021.

10.It will grow by 3.7% the following year, the watchdog predicted.

11.But Gurria warned that "this would still leave all OECD economies
smaller at the end of 2021 than they were at the end of 2019";

12.Many European governments have been gradually reopening their

economies as virus cases come under control and the winter shopping
season begins ahead of Christmas and the New Year.

13.Boone said the vaccine would be crucial to the turnaround: "Efficient

vaccination campaigns and better co-operation between countries
could accelerate the distribution of the vaccine worldwide.
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14."Conversely, the current resurgence of the virus in many places

reminds us that governments may be forced again to tighten
restrictions on economic activity."

Exercise: True or False

1. La OCDE afirmó que la recuperación de los países será distinta
entre sí y que en ella se verá la eficacia de su lucha contra el
covid-19.

2. El subjefe de la ocde dijo que "La contribución de Europa y

América del Norte al crecimiento global seguirá siendo menor
que su peso en la economía mundial”.

3. China es considerada como el último país en recuperarse tras el

covid-19.

4. Las vacunas, a pesar de ser de mucha ayuda, no aseguran la

mejoría en su totalidad.

5. Gobiernos latinos han reabierto gradualmente sus economías a

medida que los casos del virus están controlados.

6. La digitalización, la inclusión y la lucha contra el cambio climático

son características que surgirán después de la pandemia.

7. El resurgimiento del virus obliga a los gobiernos a endurecer las

restricciones en la actividad económica.
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8. Desde el punto de vista financiero ¿La crisis todavía puede

generar quiebras y problemas de solvencia a los gobiernos del
mundo?

9. ¿Existe un organismo de vigilancia económica global?

10. ¿El rebote de la pandemia (Covid-19) será desigual en los países
del mundo?