World Bank raises 2021 global growth forecast to 5.6%

Fueled by a strong recovery and widespread vaccinations in advanced nations, the global economy is now expected to grow 5.6 percent this year, 1.5 points faster than projected in January, the World Bank said Tuesday.

The World Bank headquarters is seen in Washington, DC on May 20, 2021.(Photo: AFP)

It is the fastest post-recession bounceback in 80 years, but the bank warns in its latest Global Economic Prospects report that many countries, especially poor nations, are being left behind and will take years to return to their pre-pandemic levels.