IMF Upgrades Global Economy Forecast, Now Expects Growth Of 5.5% In 2021 - Report

MOSCOW (UrduPoint News / Sputnik - 26th January, 2021) The International Monetary Fund (IMF) in a report on Tuesday upgraded the forecast for the global economy's growth in 2021 by 0.3 percentage points to 5.5 percent, largely due to the start of vaccination campaigns across the world, which are expected to boost economic activity.

"After an estimated 3.5 percent contraction in 2020, the global economy is projected to grow 5.5 percent in 2021 and 4.2 percent in 2022 ... The 2021 growth forecast is revised up 0.

3 percentage point, reflecting additional policy support in a few large economies and expectations of a vaccine-powered strengthening of activity later in the year," the IMF said in the World Economic Outlook Update report.

The upgrade would be particularly large for the advanced economy countries, particularly Japan and the United States, which have introduced additional fiscal support measures in order to keep the economy afloat amid the pandemic, the IMF noted.