PARIS (AP) – Vendors broke out in applause in the flagship Galeries Lafayette department store in Paris as eager shoppers returned for the first time in a month, after yet another virus lockdown.
The reopening won’t be enough to make up for sales lost during the pandemic – but reflects the glimmer of hope that forecasters are starting to see in the global economy.
The Organization for Economic Cooperation and Development predicted Tuesday that the world economy will bounce back to its pre-pandemic levels by the end of next year – though that recovery will be uneven across the countries and big risks remain.
In a report on the state of the economy, the OECD said that progress on coronavirus vaccines means that the outlook has improved for the first time since the pandemic began.
“The road ahead is brighter but challenging,” the international watchdog said.