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The global recession of 2020 was milder than expected with global real gdp in 2020 contracting by 3.6% (1.1 percentage points better than expected in the last quarterly report). This mainly reflects a faster than expected recovery in advanced economies in q3from the initial covid-19 wave lockdowns, followed by a more moderate than expected economic impact of the second pandemic restrictions in q4 2020. Many economies especially in Europe are still subject to significant social distancing and economic activity restrictions in q1 2021, however the global economic outlook has nevertheless substantially improved since the end of 2020.
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