|World Bank says global wealth gap set to widen|
Global inequality is likely to widen this year as a small number of major economies power the fastest recovery in 80 years while many poorer countries struggle to return to pre-pandemic income levels, the World Bank said. The global economy is set to grow by 5.6% this year, up from a January forecast of 4.1%, marking the fastest recovery from five post-World War II recessions, the bank said in its semiannual Global Economic Prospects report. While about 90% of advanced economies are expected to regain their pre-pandemic per capita income levels by 2022, only about one-third of emerging-market and developing nations are likely to do so, the bank said, in part because of uneven access to COVID-19 vaccines. Growth in the U.S., the world’s largest economy, is projected at 6.8% this year, up from the bank’s January forecast of 3.5%. Growth is forecast at 8.5% in China, the second-largest economy, 8.3% in India and 4.2% in the euro area.