DM Monitoring
PARIS: The Organisation for Economic Co-operation and Development (OECD) raised its 2021 global GDP growth forecast Monday but warned that “too many headwinds persist” as not enough COVID-19 vaccines are reaching emerging economies, making the world vulnerable to variants.
The world economy will expand by 5.8 percent this year, the highest since 1973 and up from a previous estimate of 5.6 percent, the Paris-based OECD said in a report, which forecasts Chinese economic growth of 8.5 percent in 2021 and 5.8 percent in 2022.
Most economies should return to their 2019, pre-pandemic levels next year, the OECD said.
This follows a massive global recession last year that was caused by lockdowns and travel curbs imposed by governments to slow the spread of COVID-19.
“It is with some relief that we can see the economic outlook brightening, but with some discomfort that it is doing so in a very uneven way,” OECD chief Laurence Boone said in the report.
