The world economy is on track to be back to its pre-pandemic level by the middle of the year thanks to the $1.9 trillion fiscal stimulus package that will add 3 percentage points to U.S. growth this year, the Organization for Economic Cooperation and Development said on Tuesday.
- Global gross domestic product growth is now expected at 5.6% this year, more than 1 percentage point above the OECD’s December forecast, thanks to the COVID-19 vaccine rollout and the U.S. stimulus, it said. The world economy is seen expanding by 4% in 2022.
- The U.S. economy would expand by 6.5% this year, China by 7.8% and the eurozone by 3.9%.
- But “faster and more effective vaccination deployment across the world is critical,” the OECD warns. “More jabs, more jobs,” it adds.
- The organization also notes that there “are increasing signs of divergence across countries and sectors,” and that “resources required to provide vaccines to lower-income countries are small compared with the gains from a stronger and faster global economic recovery.”
Read: Recession takes hold in Europe as pandemic is on the rise in some regions
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