The world economy is experiencing an exceptionally strong but highly uneven recovery. Global growth is set to reach 5.6% in 2021, according to the World Bank, underpinned by steady but highly unequal roll-out of the vaccine. Growth is concentrated in a few major economies, with most emerging market and developing economies lagging. While about 90 percent of advanced economies are expected to regain their pre-pandemic per capita income levels by 2022, only about one-third of emerging markets are expected to do so.
The US economy is growing again after large parts of the country had been shut down for much of 2020. Real GDP rose at a 6.4% annual rate in the first quarter. The World Bank recently raised its 2021 GDP growth forecast for South Africa to 4% from 3.5% earlier in the year as the country benefits from a recovery in global output, especially in China and the US, two of its main trading partners, and favourable commodity prices. The recovery in commercial real estate, like much of the rest of the economy, is likely to be uneven across sectors and subject to various lags and delays.