Deutsche Bank said on Monday that the global economic recovery from the coronavirus shock has been faster than it initially expected and added it sees global GDP returning to pre-pandemic levels by mid-2021.

"Global economic recovery from the depths of the COVID-19 plunge this past winter and spring has proceeded significantly faster than we envisioned," Peter Hooper, Deutsche global head of economic research, stated in a note to clients. "As Q3 draws toward a close, we estimate that the level of global GDP is about half way back to its pre-virus level, and we now see that journey being completed by the middle of next year, a couple quarters sooner than in our previous forecast," he added.

The lender added it sees global GDP growth at 5.6% in 2021, raising the forecast from the previously forecast 5.3% increase. Last week, the OECD said it expects global GDP to grow by 5% next year.