UNCTAD Revises 2021 Global Economy Growth Forecast Up To 4.7%

MOSCOW (UrduPoint News / Sputnik - 18th March, 2021) The United Nations Conference on Trade and Development (UNCTAD) has revised its forecast for the 2021 global economy growth upwards to 4.7 percent, from the 4.3 percent in its September report.

"The global economy is set to grow by 4.7% this year, faster than predicted in September (4.3%), thanks in part to a stronger recovery in the United States, where progress in distributing vaccines and a fresh fiscal stimulus of $1.

9 trillion are expected to boost consumer spending," UNCTAD said in a statement on Thursday.

According to the experts, the global economy growth will be still 5 percent below the pre-pandemic trend.

"This will still leave the global economy over $10 trillion short of where it could have been by the end of 2021," UNCTAD specified.

Developing countries with limited fiscal space and inadequate international support feel the "brunt of the hit to the global economy, the agency continued.