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Global: A vaccine is a major step, but policy response is also key

Some economists have been quick to upgrade their GDP forecasts for next year in response to the news that the Pfizer-BioNTech Covid-19 vaccine appears highly effective. While this development undoubtedly marks a big step forward, for now, we are sceptical that this will provide a meaningful boost to our slightly above consensus forecast for global GDP growth in 2021.

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