OECD Ups 2021 Global Growth Estimate on Vaccine Hopes

Economy

Paris, March 9 (Jiji Press)--The OECD on Tuesday revised up its forecast for world economic growth for 2021, amid the spread of vaccines against the novel coronavirus around the globe.

In its Interim Economic Outlook report, the Organization for Economic Cooperation and Development put global gross domestic product growth at 5.6 pct in real terms, compared with the 4.2 pct expansion forecast in December 2020.

"Prospects for an eventual path out of the crisis have improved, with encouraging news about progress in vaccine production and deployment, and a faster-than-expected global rebound in the latter half of 2020," the report said.

For 2022, the OECD estimates real GDP growth for the world at 4.0 pct, up 0.3 percentage point from the previous forecast.

The OECD expects the United States to see 6.5 pct growth this year, up 3.3 points. The U.S. Senate passed a 1.9-trillion-dollar additional economic stimulus package on Saturday. The growth projection for 2022 was raised by 0.5 point to 4.0 pct.

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