After the worst year for the global economy since the Great Depression, the U.S. is set to lead a vigorous rebound in the West as mass vaccination against Covid-19 propels a return to more or less normal life.

The revival will come in stages, with the U.S. and countries such as the U.K. recovering faster than those in the European Union, as the timing and speed of recoveries will depend largely on the pace and reach of vaccination, economists say.

Economies in North America and Europe are expected to fire up as shops, restaurants and hotels throng with newly inoculated consumers armed with savings they amassed during the long pandemic. Moody’s Analytics estimates households world-wide had $5.4 trillion in pandemic-related savings at the end of the first quarter.

Countries such as the U.S. and the U.K. are expected to enjoy quicker consumer-led recoveries as their governments close in on vaccination goals. Data Thursday…

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