Headwinds to robust near-term growth include COVID-19-related lockdowns early this year, lingering
consumer and business uncertainties, diminishing fiscal support, and the strains of rising public and private debt.
Yet, the reopening of economies and the availability of vaccines will gradually unleash a new wave of spending on
tourism and services. With more spending opportunities, household saving rates will retreat from the unusually high
levels of 2020. In the meantime, an optimistic prediction states that after a 4.0% decline in 2020, world real GDP
should increase about 4.5% in 2021.