World Economic Prospects Monthly
Bibliographic record
Abstract
Overview: Recent economic strength will not last ▀ Recent data confirm that the initial post‐lockdown phase of the recovery has been robust and points to a record‐breaking rise in GDP in Q3. Nonetheless, there are already signs that some sectors are beginning to lose momentum. Given this, and the lack of tangible medical progress towards overcoming the pandemic, we have cut our forecast for global GDP growth in 2021 to 5.4% (from 5.8% seen last month) after an expected 4.4% drop this year. ▀ Recent monthly economic data have surprised to the upside, so we now expect the huge Q2 fall in global GDP to be broadly reversed in Q3. Even so, the level of GDP this quarter will still be over 4% below the Q4 2019 level, a bigger fall than the peak‐to‐trough decline in global GDP during the global financial crisis. ▀ Beyond Q3, growth looks set to slow notably. After initially bouncing strongly, retail sales growth has eased, perhaps even starting to contract. This may partly reflect compositional changed to households spending patterns as some services re‐open. ▀ Even so, our aggregate advanced economy consumer sentiment measure fell for a second month running in August, suggesting some caution among households. This will be exacerbated by the ongoing unwinding of emergency fiscal support measures for households. With banks already expecting to tighten credit standards and some firms beginning to repay some of the money that they borrowed during lockdown, we expect the investment recovery to be quite weak. ▀ Although we still expect average q/q global GDP growth to broadly match that seen during 2010 – the best year since the global financial crisis – we now see GDP expanding by 5.4% in 2021, 0.4pp lower than a month ago. This partly reflects the fact that we now assume a Covid‐19 vaccine will not be in circulation until the middle of next year, about six months later than we had previously assumed, resulting in a more prolonged period of social distancing measures.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.003 |
| Meta-epidemiology (narrow) | 0.002 | 0.001 |
| Meta-epidemiology (broad) | 0.001 | 0.001 |
| Bibliometrics | 0.002 | 0.003 |
| Science and technology studies | 0.001 | 0.000 |
| Scholarly communication | 0.007 | 0.004 |
| Open science | 0.001 | 0.002 |
| Research integrity | 0.003 | 0.004 |
| Insufficient payload (model declined to judge) | 0.442 | 0.494 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".