The World Bank forecasts the global economy to expand by 4 percent, with China’s economy expected to grow by 7.9 percent in 2021, nearly double the expected global growth.The contraction in 2020 was less severe than previously projected due to China’s swift recovery, which was demonstrated through its resumption of production and exports leading to a GDP growth of 4.9 percent and 3.2 percent in the second and third quarters of 2020 respectively.