Contribution to global GDP growth

Sources: International Monetary Fund and Wells Fargo Investment Institute, as of December 31, 2020. G7 countries include Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. GDP = gross domestic product.

Key Takeaways

  • The global growth recovery should extend beyond Europe and the U.S. next year to include China and neighboring Asian emerging markets. Global growth this year and next likely will exceed levels experienced since the 1970s.
  • We believe that global distribution of the COVID-19 vaccine, will keep the global growth recovery on track.
  • Geopolitical tensions could resurface as the U.S. and China reach sustained levels of economic growth.