The global economic recovery is set to be back in 2021 as the world would manage to contain Covid 19 pandemic a Pacific Economic Cooperation Council (PECC) report said.

Report by PECC, a network of member committees composed of individuals and institutions dedicated to promoting cooperation across the Asia Pacific region, said that the global recovery would be uneven across various countries and region.

“The economic outlook for the Asia-Pacific has improved somewhat in recent months, but recovery will be uneven and fragile as the global pandemic has deepened in some places. Asia-Pacific economies are expected to shrink by about 3.1% in 2020. Growth of 5% is now expected next year which is then expected to decline towards 3.5% in subsequent years,” the report said.

“While there is hope for a recovery in 2021, the risk of protectionism holds back investment in new jobs and innovation, it will be essential for the region to respond appropriately and decisively in order to restore confidence for sustainable recovery.” Eduardo Pedrosa, Secretary General, PECC