The global economy is expected to recover from the coronavirus pandemic faster than expected this year, as vaccinations in advanced economies and an enormous fiscal stimulus package in the United States unleash pent-up business activity and job creation, the Organization for Economic Cooperation and Development said on Monday. The organization sharply raised its forecast for global growth to 5.8 percent in 2021, up from a 4.2 percent projection in December. It said the pace of expansion would cool to 4.5 percent in 2022 as government support programs unwind. A government stimulus-led upturn in the United States, where President Biden is betting on a $2 trillion infrastructure package to end the effects of the pandemic faster, has helped improve the global outlook, the group said. China continues to experience the world’s strongest rebound, also lifting the global outlook.

Source: New York Times May 31, 2021 12:59 UTC