OECD upgraded 2021 global growth forecasts as “prospects for a stronger economic recovery from the COVID-19 pandemic have improved with the gradual global vaccines rollout and stronger support from fiscal policy although gaps in economic performance are increasing across and within countries.”
Comparing with December projections:
- World GDP growth was revised up by 1.4% to 5.6% in 2021, revised up by 0.2% to 4.0% in 2022.
- G20 GDP growth was revised up by 1.5% to 6.2% in 2021, revised up by 0.4% to 4.1% in 2022.
- US GDP growth was revised up by 3.3% to 6.5% in 2021, revised up by 0.5% to 4.0% in 2022.
- Eurozone GDP growth, however, was revised up by only 0.3% to 3.9% in 2021, revised up by 0.5% to 3.8% in 2022.
- China GDP growth was revised down by -0.2% to 7.8% in 2021, unchanged at 4.9% in 2022.
- India GDP growth was revised up by 4.7% to 12.6% in 2021, revised up by 0.6% to 5.4% in 2022.
“Speed is of the essence,” said OECD Secretary-General Angel Gurría. “There is no room for complacency. Vaccines must be deployed faster and globally. This will require better international co-operation and co-ordination than we have seen up to now. It is only by doing so that we can focus our attention on building forward better and laying the foundations for a prosperous and lasting recovery for all.”
