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- U.N. body raises global economic growth forecast for 2021
U.N. body raises global economic growth forecast for 2021
Reuters reports that the U.N. Conference on Trade and Development (UNCTAD) said that the global economy is set to grow by 4.7% this year thanks to a stronger-than-expected recovery in the United States. Thus, UNCTAD revised its previous forecast of 4.3%.
The upwards revision from its previous forecast made last September factors in an expected boost in U.S. consumer spending on the back of progress distributing COVID-19 vaccines and a vast stimulus package, the report said.
“The global recovery that began in the third quarter of 2020 is expected to continue through 2021, albeit with a good deal of unevenness and unpredictability, reflecting epidemiological, policy and coordination uncertainties,” the report said.
However, UNCTAD said COVID-19 will have lasting economic consequences that will require continued government support. UNCTAD said the main risk to the global outlook is a “misguided return to austerity”.
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