The global economy will accelerate in 2021, though with significant variation around the world. The world will benefit from vaccinations. It will take most of 2021 and into 2022 for the full benefits of vaccination to be felt, and maybe even longer in poorer countries.
The greatest vaccination relative to population has occurred in the U.K. and the U.S. China has a low vaccination rate that is not as worrisome as it may seem because their count of new cases is very low. Although Chinese data are not totally trustworthy, even with substantial misreporting the country is in good shape.
Europe is having trouble with vaccinations but will eventually get most of its citizens jabbed and the economy will thrive.
Widespread expectations for a global rebound are illustrated by commodity prices. In general, metals and petroleum can experience much faster demand changes than supply changes. So when demand surges, prices rise sharply. Oil prices have risen sharply due to expectations for greater future consumption. Oil received an extra boost from Russia and OPEC limiting production, but such limitations usually prove temporary.
Ocean shipping has surged, with delays for ships trying to unload containers . Shipping costs are four times higher than a year ago. Part of the shipping delays, though, come from social distancing among dock workers.
In another indication of the improving global economy, interest rates are rising around the world, though not be as much as the U.S. experienced. The global demand for credit tends to rise with the economy, more than the global supply of savings. Thus interest rates tend to rise when the economy is strong, or expected to be strong in the near future.
Entire planet shared the same Covid stop induced economic recession and then partial recovery. We will all emerge from the slump in the next 12 months or so, with some variation in timing and magnitude.