The Organization for Economic Cooperation and Development (OECD) raised its forecast for world economic growth in 2021 to 5.6% on the 9th local time.
The OECD released its latest economic outlook report on the same day and pointed out that with the gradual launch of new crown vaccination and the deployment of economic stimulus plans in many countries, the global economic outlook is expected to improve.
The OECD raised its forecast for world economic growth in 2021 from 4.2% to 5.6%, and at the same time raised its forecast for world economic growth in 2022 from 3.7% to 4%. The report predicts that global economic output will exceed the level before the outbreak of the new crown by mid-2021.
The report also warned that the outlook for global economic growth still faces huge challenges. The report believes that the most critical measure that countries currently need to take is to ensure that the necessary resources are used for production and vaccination. If the vaccination progress is slow or the spread of the mutant new coronavirus affects the effectiveness of the vaccine, economic growth may slow down.
OECD chief economist Lawrence Boone said that if a country implements vaccination quickly, the country is expected to restart its economy sooner. She believes that Europe should continue to accelerate the speed of vaccination. The OECD also called on developed countries to increase support for poor countries in the production and distribution of vaccines.
The OECD has raised the growth forecasts for most economies in 2021, raising the US economic growth forecast for 2021 from 3.2% to 6.5%, based on the US plan to launch a US$1.9 trillion economic stimulus plan. The report believes that a large-scale economic stimulus plan will help the United States create more jobs, but it will also increase the inflation rate in the United States.
The OECD has raised its economic growth expectations for the euro zone, and believes that the euro zone can achieve economic growth of 3.9% and 3.8% in 2021 and 2022, respectively. The OECD also predicts that Japan's economy will grow by 2.7% in 2021, and South Korea's economy will grow by 3.3%.
The OECD urges all countries to continue to advance economic structural reforms and at the same time strengthen international cooperation in response to the epidemic.
(Source: China News Service)
