OECD Revises Up 2021 Global Growth Forecast

Economy

Paris, May 31 (Jiji Press)--The OECD revised up on Monday its forecast for world economic growth in 2021, citing resumptions of economic activities after progress on vaccinations against the new coronavirus, mainly in advanced countries.

In its Economic Outlook report, the Organization for Economic Cooperation and Development now expects the world's gross domestic product to grow 5.8 pct in real terms this year, up from the 5.6 pct projected in March.

Meanwhile, the OECD revised down its growth forecast for the Japanese economy from 2.7 pct to 2.6 pct, reflecting continued restrictions related to the novel coronavirus and delays in COVID-19 vaccinations.

The state of emergency and quasi-emergency measures by the Japanese government "were introduced to allow governors to order restaurants and bars to shorten their opening hours (with penalties and compensation) in affected cities," the OECD said.

"However, these measures appear to have been insufficient to stop the spread of new variants," it added.

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