According to the World Bank Group's report, although the global economy is growing, following a 4.3 per cent contraction in 2020, the coronary pandemic has caused large numbers of casualties, plunged millions into poverty, and can reduce economic activity and income for an extended period.

The main priorities of short-term policy are the control of the spread of COVID-19 and the securing of the vaccine process.

World Bank Group President David Malpas stressed that while the global economy appears to have entered a slight recovery, policymakers face major challenges in public health, debt management, budget policies, the central bank and structural reforms.

To overcome the effects of pandemic and follow the smell of investment, there must be a great incentive to improve business environments, boost labour market and product flexibility, and strengthen transparency and governance.

A pessimistic scenario, if cases of the sick increase and the vaccine is postponed, could limit global growth to 1.6 per cent in 2021. Meanwhile, in a more optimistic scenario with successful pandemic control and a faster process of vaccination, global growth can accelerate to nearly 5 per cent.

China's Economy is expected to expand by 7.9 per cent this year following the 2 per cent increase last year, according to the report. By excluding China, emerging economies are projected to expand around 3.4 per cent to 2021.