‘World Economic Outlook Brightening’

The outlook for the world’s economy is improving in spite the ongoing coronavirus pandemic, the Organisation for Economic Co-operation and Development (OECD) reported on Tuesday.

After the world economy collapsed during the onset of the pandemic last year, in 2021 it is forecast to grow by 5.6 per cent, the organisation says.

That is an increase of 1.4 percentage points compared to the last forecast, in December.

Next year, the OECD expects the world economy to grow by 4 per cent, it said during the presentation of its report.

Last year, the world economy contracted by 3.4 per cent, less than previously thought, said the OECD, an intergovernmental organisation of developed economies that focuses on economic policy.

Chief economist Laurence Boone said the top priority should now be to produce coronavirus vaccines, as delays or further coronavirus mutations that defied treatment could weaken the expected recovery.

Germany’s gross domestic product (GDP) is expected to grow by 3 per cent while France is forecast to grow by 5.9 per cent this year.