U.N. body raises global economic growth forecast for 2021 to 4.7% By Reuters

Fed Decision: Rates Could Keep Moving Upward as Markets Price in Higher-For-Longer

U.N. body raises global economic growth forecast for 2021 to 4.7%

Published Mar 18, 2021 02:13AM ET

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U.N. body raises global economic growth forecast for 2021 to 4.7%

GENEVA (Reuters) - The global economy is set to grow by 4.7% this year thanks to a stronger-than-expected recovery in the United States, a report by the U.N. Conference on Trade and Development (UNCTAD) said on Thursday, revising up its previous forecast of 4.3%.

The upwards revision from its previous forecast made last September factors in an expected boost in U.S. consumer spending on the back of progress distributing COVID-19 vaccines and a vast stimulus package, the report said.

"The global recovery that began in the third quarter of 2020 is expected to continue through 2021, albeit with a good deal of unevenness and unpredictability, reflecting epidemiological, policy and coordination uncertainties," the report said.

Earlier this month, the OECD also revised higher its growth forecast for this year to 5.6 % from 4.2 %.

However, the 22-page UNCTAD report called 'Out of the frying pan...into the fire?' said COVID-19 will have lasting economic consequences that will require continued government support. It said the main risk to the global outlook is a "misguided return to austerity".

The report estimates that last year there was a 3.9 % drop in output as the spread of the coronavirus sparked lockdowns across the world.

It called the impact "exorbitant", describing the "destruction of income on an unprecedented scale" with people in developing countries particularly hard hit.

Still, it says it would have been worse had central banks not taken preemptive action to avoid financial meltdown. Relief packages and a bounce-back in commodity prices as well as the fast-tracking of vaccine development also helped, the report said.

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Comments (1)

Ricardo Tardelli Mar 18, 2021 2:30AM ET

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The Fed's Jerome Powell is lying: he can't contain the rate hike before 2024. You have to be in America to see what happens. Everything is climbing $$$ here: food, gasoline, basic materials, housing, transportation, etc. And everything was stopped; everything will resume and a lot of businesses have closed (effect: less supply). With the added bonus of staggering $$$ aid programs. US $1400 for each of the Americans earning US $80,000 or less. This creates demand that will exceed supply. The recovery has not even started strongly yet. Powell lives on another planet. No matter how much he promises, he opened the inflation dragon monster's fiery cage.Jerome Powell and the FED turns a blind eye to the biggest stock market bubble in history. Jerome Powell doesn't even see (or want to see) Wall Street speculative mega inflation. By 2024, he will have lost control ... and probably his job too (knowing his horizon, he may well promise the moon. Although Musk may have an idea)

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