A recent study revealed that the global economy shrunk by 3.5% in 2020 due to the COVID-19 pandemic, marking the worst contraction since World War II. The US economy decreased by 3.7% while the Eurozone faced a 6.8% decline. China, however, was the only major economy to experience growth with a 2.3% increase. The pandemic led to massive job losses, with approximately 114 million people losing their jobs worldwide. The tourism industry was hit the hardest, suffering a 55% decrease in revenue. Despite massive stimulus efforts, global trade also plummeted by 9.2% in 2020.Experts predict a slow recovery with the global economy expected to grow by 4% in 2021 as vaccines are distributed and restrictions are lifted.