IMF Increases the Global Growth Forecast to 6%

 

IMF Increases the Global Growth Forecast to 6%

The International Monetary Fund is expecting a stronger economic recovery in 2021 as Covid-19 vaccine rollouts get underway. The organization expects the world economy to grow by 6% in 2021, up from its 5.5% forecast in January. Looking further ahead, global GDP for 2022 is seen increasing by 4.4%, higher than an earlier estimate of 4.2%.

The latest forecasts suggest among advanced economies the United States is expected to surpass its pre-Covid GDP level this year, while many others in the group will return to their pre-COVID levels only in 2022. China, the only major economy that grew in 2020, at 2.3% -- will be a key engine in Asia this year, with GDP now poised to surge 8.4%.