“While the global economy appears to have entered a subdued recovery, policy makers face formidable challenges – in public health, debt management, budget policies, central banking and structural reforms – as they try to ensure that this still fragile global recovery gains traction and sets a foundation for robust growth,” said World Bank President David Malpass .

“To overcome the impacts of the pandemic and counter the investment headwind, there needs to be a major push to improve business environments, increase labour and product market flexibility, and strengthen transparency and governance,” he said.

The EU has ordered 160 million doses of the shot developed by Moderna, a U.S. biotech company, enough to vaccinate 80 million people in its 27 member states.