UN body raises global economic growth forecast for 2021 to 4.7%

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

The global economy is set to grow by 4.7 per cent this year thanks to a stronger-than-expected recovery in the United States, a report by the UN Conference on Trade and Development (UNCTAD) said on Thursday, revising up its previous forecast of 4.3 per cent.
 
The upwards revision from its previous forecast made last September factors in an expected boost in US 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