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OECD Expects to Increase Global Economic Growth

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The global economy, helped by the coronavirus vaccinations and the large economic support package from the US government, will grow slightly faster this year than previously thought. That says the Organization for Economic Cooperation and Development (OECD).

 

According to the OECD, the world economy will now grow by 5.8 percent this year, compared to a growth of 5.6 percent in March.

Growth of 4.4 percent is forecast for next year, from a previously forecast 4 percent. The organization says the global economy is now back to pre-pandemic levels.

The OECD does say that the recovery in the world from the corona crisis is uneven. In developed countries where vaccination programs are running faster, and governments come up with large support packages, the recovery is faster.

According to the OECD, in many developing countries, where vaccinations are slowing down and there are limited financial resources for government support, the recovery is slower.

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