UN body improves global economic growth forecast to 4.7%

The United Nations Conference on Trade and Development (UNCTD) report released on Thursday noted an improved global economic growth forecast to 4.7% from the previous 4.35%. The report also highlighted a stronger-than-expected economic growth in the United States.

According to the UNCTD report, U.S. consumer spending was anticipated to be bolstered by developing COVID-19 inoculation rollout and the $1.9 trillion relief package.

Earlier this March, the OECD also improved its 2021 economic growth projection to 5.6% from 4.2%.

Moreover, the report underscored an estimate of a 3.9 % fall in output in 2020 as the pandemic halted economic activities due to lockdowns and travel restrictions.

The report also attributed the bounce back to central banks’ policy measures, avoiding a financial meltdown. According to the study, relief packages, a rebound in commodity prices, and the rapid production of vaccines boosted economic growth.