The Organization for Economic Cooperation and Development (OECD) has raised its forecast for the growth of the global economy during the year 2021 to 5.8 percent, by supporting the speedy deployment of vaccinations to combat the Corona epidemic.
According to the organization’s report on economic forecasts for the month of May, global growth will increase by 1.6 degrees compared to December’s expectations of 4.2 per cent for the current year. The report showed that the introduction of vaccines in many advanced economies led to improved growth prospects, in addition to the huge financial stimulus packages by the United States.
The report expected global GDP growth to reach 4.4 percent over the next year, and showed that global income will remain about $ 3 trillion lower by the end of 2022. It showed that the recovery will return most of the world to pre-epidemic GDP levels, by the end of 2022, but this will not be sufficient, as the global economy is still below the growth path it was in before the outbreak of the epidemic. It also indicated that there are differences in the strength of the economic recovery across countries, driven by the ability to provide government support to weak workers and companies.
Source (Anadolu Agency, Edited)
