OECD revises global forecast
March 10, 2021 - The global economy will grow more strongly in 2021 than was expected, helped by the deployment of effective vaccines and a significant fiscal stimulus in the United States, the OECD reports.
The Paris-based Organization for Economic Cooperation and Development projected in its latest Interim Economic Outlook that the world economy would grow by 5.6 per cent this year.
The outlook for global growth would be better than current projections if vaccines’ production and distribution accelerate.
“Sizeable risks remain. Faster progress in vaccine deployment in all countries would enable restrictions to be lifted more quickly and enhance confidence and spending,” the report stressed.
The OECD expects U.S. GDP to expand 6.5 per cent this year -- up from minus 3.5 per cent in its December forecast. In the United Kingdom, growth will jump from minus 9.9 per cent to 5.1 per cent.
India leads the forecast for emerging markets, with GDP soaring from minus 7.4 per cent in December to 12.6 per cent in March 2021.