Canada could be set for better-than-expected growth this year, global economy forecast to expand by 5.5%
The world economy is bouncing back from the pandemic crisis faster than expected, thanks in part to successful coronavirus vaccines and U.S. stimulus efforts, but the improvements are uneven and joblessness remains a big concern, according to a new forecast.
The Organization for Economic Co-operation and Development (OECD) on Tuesday raised its expectations for global GDP growth to 5.5 per cent this year and four per cent next year. That is up from a December forecast of 4.2 per cent growth in 2021 and 3.7 per cent 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.