This is the definitive report on the state of the world economy, providing global/regional economic outlook for 2020 and 2021. A once-in-a-century crisis—a Great Disruption unleashed by a viral pandemic—hit the world economy in 2020, reaching every corner of the world, infecting more than 90 million and killing close to two. Economic activities were paralyzed in both developed and developing economies. Trade and tourism halted while job and output losses exceeded levels seen in any previous crisis. Poverty increased sharply and inequality reached new highs. Stimulus packages were rolled out but responses, however, entailed difficult choices between saving lives and saving livelihoods.