IMF upgrades world economic outlook for 2021
The upward revision was mainly driven by the optimism created by the recent vaccine rollouts, yet the IMF warned that renewed global lockdowns and a new strain of the virus continue to pose a risk to the possible economic recovery.
The pace of economic recovery will vary depending on countries’ ability to contain the virus as well as their effectiveness of policy support.
On a country-based breakdown, the fund expects the Chinese economy to grow by 8.2% in 2021 and 5.6% in 2022. Furthermore, India’s economy is forecast to expand by 11.5% this year, which is larger than the earlier growth forecast of 8.8%.
2021 forecast for the US was upgraded to a growth of 5.1% while the Euro area is expected to expand by 4.2% in 2021 and 3.6% next year.
Lastly, the IMF’s projections for the Middle East and Central Asia were raised to a growth of 3% in 2021 and 4.2% in 2021.
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