The World Bank on Tuesday increased its global economic growth forecast to 5.6% for this year, up 1.5 percentage point from its previous forecast.

As the global economy contracted 3.5% in 2020 due to the pandemic, the world is expected to see the strongest post-recession pace in 80 years, the bank said in its latest Global Economic Prospects report.

"The recovery is underpinned by steady but highly uneven global vaccination and the associated gradual relaxation of pandemic-control measures in many countries, as well as rising confidence," it said.

The rebound will mainly come from major economies such as the US (6.8%) and China (8.5%).

The GDP in Eurozone is expected to increase by 4.2% this year, the bank said.

The World Bank also raised its projection for Turkish economy by 0.5 percentage point to 5% for 2021.

The bank forecast the global economy will grow by 4.3% next year and 3.1% in 2023.​​​​​​​/aa