The world economy expanded by 13 percent in the calendar year 2021 despite a series of challenges disrupting business momentum and thereby affected growth sentiment. The global economy was shaken with the devastating second wave of the coronavirus (Covid) pandemic in 2021, followed by the first wave in 2020, which pushed the entire world into the negative growth trajectory.
The latest World Bank report on the world economy estimates the global economic size at US$ 96.1 trillion in the calendar year 2021, a 13 percent growth from US$ 84.91 trillion in the previous year. The world economy reported a growth of 9.64 percent from the pre-pandemic level of US$ 87.65 trillion in the calendar year 2019. In the last 10 years, however, the world economy posted a cumulative growth of 30 percent from its level at US$ 73.85 trillion in 2011, thus witnessing a compounded annual growth rate (CAGR)…
