The Organisation for Economic Cooperation and Development (OECD) on Tuesday announced that the world economy will bounce back to its pre-COVID-19 growth levels by the end of 2021. However, post-pandemic recovery will be uneven across various countries and major risks will prevail, the global watchdog said in its latest report.

The OECD recently released its report on economy, stating that the global efforts to develop vaccines against COVID-19 have improved the outlook towards a positive economic recovery for the first time since the pandemic outbreak began in November 2019.

In the report, OECD chief economist Laurence Boone said, "The road ahead is brighter, but challenging."

According to the report, the global economy will shrink about 4.2 per cent this year. However, it will rebound by the same rate next year before progressing towards 3.7 per cent the following year.

The OECD also added that China will account for a significant part of the global economic recovery in the post-COVID-19 efforts, at a time when the US, European and Japanese economies will fall behind. It is important to note that China has been able to control the COVID-19 pandemic in the country better than major economies in the world.

The organisation further advised governments to continue supporting the people who have been most affected by pandemic repercussions and lockdown measures.

At the same time, the OECD recommended world government to invest public money in key areas that have the potential to deliver long-term benefits such as education, healthcare, combating climate change and reducing inequality. The organisation noted that global cooperation crucial to maximizing the benefits of government efforts aimed at reviving the economy back to its pre-pandemic levels.

In the report, Boone highlighted that international cooperation has fluctuated in recent years, particularly at a time when it is needed more than ever.