PIMCO expects the global economy to continue its transition from hurting to healing in 2021 and make good progress on the long climb back to its pre-crisis trend, especially in the second half of this year. 

Global output and demand are likely to rebound strongly in 2021, driven by the rollout of vaccines and continued fiscal and monetary policy support. Inflation should creep up only moderately in 2021. Central banks’ policy rates are likely to remain low, and asset purchases will likely continue.

Bounded Optimism on the Global Economy

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