Following last year’s historic collapse, the global economy is experiencing an exceptionally strong recovery but also an uneven one. While advanced economies are growing rapidly and are poised to recover pre-COVID-19 levels of economic activity this year emerging economies (excluding China) are lagging, and many of the world’s poorest economies are being left behind. The global economy is set to expand by 5.8 percent in 2021, according to the Organisation for Economic Co-operation and Development, and around 4.5% in 2022. Developed economies are expected to grow around 5.3% in 2021, led by a strong upturn in the United States and strong private spending in most countries. The growth pace is expected to moderate to 3.75% in 2022 as the impact of fiscal and monetary stimulus fades.