The world economy will bounce back to its pre-pandemic levels by the end of next year, a global watchdog predicted on Tuesday, though that recovery will be uneven across the countries and big risks remain.

In a report on the economy, the Organisation for Economic Cooperation and Development (OECD) said progress on vaccines means that the outlook has improved for the first time since the pandemic began. "The road ahead is brighter, but challenging," wrote Laurence Boone, chief economist at the OECD, in the report.