The global economy could grow by 5.7% this year, anticipates the Organisation for Economic Co-operation and Development (OECD) in its interim outlook, representing a decline of 0.1 point compared to the previous forecasts in May. For 2022, however, activity is expected to be a bit more robust than previously anticipated, at 4.5% (+0.1 point).
After a historic recession in 2020 that saw the global economy contract by 3.5%, the world GDP is now above its pre-pandemic level, according to the institution.
In detail, the OECD has significantly raised its forecast for the eurozone, with expected growth of 5.3% this year, compared to the previously anticipated 4.3%.
France would see its growth rise to 6.3% (+0.5 point) this year and 4% next year (unchanged), Italy would record 5.9% (+1.4 point) in 2021, and Germany would see its activity reduced by 0.4 point compared to the May forecasts, at 2.9%. Meanwhile, the United States sees the OECD’s growth forecast drop by 0.9 point, to 6.0%.
A driver of the global economy, China sees its outlook unchanged for 2021, at 8.5%, as well as for 2022 at 5.8%.
