The world economic situation improved in the last quarter of last year, despite the new wave of the pandemic. The global short-term outlook is moderately positive, albeit not in every respect, mainly due to general fiscal stimulus. The Hungarian economy may expand by 4.5% in 2021 after last year’s 5% contraction. The performance of the economy will certainly be negative in the first quarter, but the second quarter will bring significant growth, largely due to the base effect. By the second half of the year, the state of the economy could consolidate, provided there is no further serious wave of the pandemic.