Dhaka, March 6 -- The Covid-19 pandemic and the widespread lockdowns imposed in 2020 led to the worst peacetime global contraction since the Great Depression. The first half of 2020 saw record collapses in output and only a partial rebound in the second half as economies gradually reopened, supported by decisive fiscal and monetary policy measures. While the remarkable success in developing vaccines provides hope of conquering the pandemic, fresh waves of the disease and a mutating virus portend uncertain times and risky prospects for 2021.

In the January 2021 update of the World Economic Outlook, the International Monetary Fund (IMF) revised global growth upward for 2021-reflecting the start of Covid-19 vaccinations, continued policy su...