Justin-Damien Guénette presents the highlights of the January 2021 edition of the Global Economic Prospects report. In a nutshell, although the global economy is emerging from the collapse triggered by COVID-19, the recovery is projected to be subdued. The pandemic has exacerbated the risks associated with a decade-long global wave of debt accumulation. It is also likely to steepen the projected slowdown in potential growth over the next decade, undermining prospects for poverty reduction. With weak fiscal positions severely constraining government support measures in many countries, an emphasis on ambitious reforms is needed to rekindle robust, sustainable and equitable growth.