World GDP to grow 5.6% if vaccines roll out fast
By IANS |
Published on
Wed, Mar 10 2021 11:21 IST |
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Economy. Image Source: IANS News
Paris, March 10 : The global gross domestic product (GDP) will grow at 5.6 per cent this year if Covid-19 vaccination rollouts are fast and effective enough across the world, the Paris-based Organization for Economic Cooperation and Development (OECD) said.
World output is expected to reach pre-pandemic levels by mid-2021 and the global economy is expected to grow by 4 per cent in 2022 after seeing 5.6 per cent growth in 2021, the OECD said in its latest Interim Economic Outlook issued on Tuesday.
The OECD projected the US economy to grow at 6.5 per cent in 2021 thanks to significant fiscal stimulus along with faster vaccination , reports Xinhua news agency
PARIS, March 10 ― The OECD sharply raised its 2021 global growth forecast yesterday as the deployment of vaccines and a huge US stimulus programme have greatly improved economic prospects. The Paris-based Organisation for Economic Co-operation and Development says it now expects the global.
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“In India we revised (upwards) to a large extent based on very good numbers towards the end of the year (as) Indian performance was much better than we expected at that time. Now they also have to proceed with faster vaccination which they have started to do, according to
ET which cited OECD chief economist Laurence Boone as saying.
The OECD chief economist emphasised that if we don t inoculate a majority of the population fast to allow curbs to be lifted, the recovery will be slower and we will undermine the benefits of fiscal stimulus.
Separately, rating agency Crisil projected India’s GDP growth to rebound to 11 per cent in FY22, after an estimated 8 per cent contraction in FY21 driven by flattening of the Covid-19 affliction curve, rollout of vaccinations and investment-focused government spending and people learning to live with the new normal.
Read more about Market pares gains; Asian shares trade higher on Business Standard. Key equity indices pared early gains in mid-morning trade. Auto stocks witnessed value buying. The Nifty was trading near 15,150 mark, buoyed by positive global cues.