After a chaotic and difficult 2020, we look forward to finally turning the page to a new year. We see 2021 as a year of a multispeed recovery. Although the COVID-19 coronavirus continues to rage in many parts of the world as we end 2020, there is reason for optimism. Armed with multiple vaccines and a massive production and distribution effort, several parts of the world could see strong recoveries in 2021. China has already begun its recovery, and emerging market economies could begin recoveries toward the end of the year.
For each region, we present our base case forecast for key economic indicators and highlight key regional risks to keep an eye on.