Sumary of IMF upgrades forecast for 2021 global growth to a record 6%:
- WASHINGTON (AP) — The rollout of COVID-19 vaccines and vast sums of government aid will accelerate global economic growth to a record high this year in a powerful rebound from the pandemic recession, the International Monetary Fund says in its latest forecast..
- In 2022, the IMF predicts, international economic growth will decelerate to a still strong 4.4%, up from its January forecast of 4.2%..
- The agency economists now estimate that the global economy shrank 3.3% in 2020 after the devastating recession that followed the coronavirus’ eruption across the world early last spring..
- That is the worst annual figure in the IMF database, though not as severe as the 3.5% drop it had estimated three months ago..
- Without $16 trillion in global government aid that helped sustain companies and consumers during COVID-19 lockdowns, IMF forecasters say, last year downturn could have been three times worse..
- economy, the world biggest, is now forecast to expand 6.4% in 2021 — its fastest growth since 1984 — and 3.5% in 2022..
- growth is being supported by President Joe Biden $1.9 trillion relief package, while an acceleration in the administering of vaccines is beginning to let Americans return to restaurants, bars, shops and airports in larger numbers..
- The world second-largest economy, China, which imposed a draconian COVID-19 clampdown a year ago and got a head start on an economic recovery, will record 8.4% growth this year and 5.6% in 2022, the IMF estimates….