World Economy Recovered From COVID-19 Faster than Expected says OECD

Canada could be set for better-than-expected growth this year, global economy forecast to expand by 5.5%

According to a new forecast, the world economy is recovering from the pandemic crisis faster than expected, thanks in part to the successful coronavirus vaccine and the US stimulus efforts, but the improvements are mixed and unemployment remains a major concern.

The Organization for Economic Co-operation and Development (OECD) on Tuesday raised its expectations for global GDP growth to 5.5 percent this year and four percent next year. That is up from a December forecast of 4.2 percent growth in 2021 and 3.7 percent for 2022.

After the virus plunged the world economy into crisis last year, the OECD now expects global output to surpass pre-pandemic levels by the middle of this year.

However, it warned of a divergence in progress, with faster growth in China and the U.S., while some other regions are expected to continue struggling until the end of 2022.

The Paris-based group also warned that new virus variants and too-slow vaccine rollouts could threaten chances of improvement for businesses and jobs.

Nearly 10 million more people across the OECD’s 36 mostly rich-country member states are unemployed now than before the crisis. And in poorer countries, “substantial job losses have increased poverty and deprivation of millions of workers,” the report said.

The OECD also said Canada could be poised for better-than-expected growth this year, mainly because it will benefit from a faster-than-expected recovery in its largest trading partner, the U.S.

The U.S. is now forecast to grow its GDP by 6.5 percent this year. That’s more than twice as much as was being predicted in the last OECD forecast, three months ago.

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