IMF Ups 2021 Global Growth Estimate to 5.5 Pct

Economy

Washington, Jan. 26 (Jiji Press)--The International Monetary Fund said Tuesday that the global economy is projected to grow 5.5 pct in 2021, up by 0.3 percentage point from its forecast in October last year.

The spread of novel coronavirus vaccines and the effects of economic stimulus measures in Japan and the United States will push up global growth to the highest level since 2007, when the world economy expanded also 5.5 pct, according to the Washington-based institution.

The global economy is seen expanding 4.2 pct in 2022, unchanged from the October projection, the IMF said in its latest World Economic Outlook report, while expecting global economic loss from the coronavirus pandemic to reach 22 trillion dollars by 2025.

The IMF revised up its projection of Japan's 2021 growth rate by 0.8 point to 3.1 pct, following the adoption late last year of additional coronavirus relief measures worth a total of 73 trillion yen, with the newly estimated growth marking the highest level in 11 years. The 2022 growth projection for the country was raised by 0.7 point to 2.4 pct.

The institution lifted its 2021 forecast for the United States, which has decided a 900-billion-dollar spending package, by 2.0 points to 5.1 pct.

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Jiji Press