Washington (Reuters) – Raising The World Bank Today, Tuesday, its forecast for global growth for 2021 to 5.6 percent, which represents the strongest recovery from a recession in 80 years thanks to stimulus spending in the United States and faster growth in China, but it is held back by “highly uneven” access to Covid-19 vaccines.
The bank’s latest report on the global economic outlook shows a 1.5 percentage point increase from its forecast released in January that the administration of US President Joe Biden may take office and implement a massive $1.9 trillion COVID-19 recovery aid package.
The World Bank raised its forecast for US economic growth by 3.3 percentage points from January to 6.8 percent, the fastest pace since 1984, thanks to economic support that the Bank described as “unprecedented in peacetime.”
It also raised its forecast for growth in the euro zone by 0.6 percentage points to 4.2 percent and also raised its estimate for growth in China by the same amount to 8.5 percent.
The World Bank now expects emerging markets, excluding China, to grow by 4.4 percent in 2021, a forecast up one percentage point since January.