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IMF raises its forecast for global growth

6 Apr 2021 05:37 PM

The International Monetary Fund expects a stronger recovery during 2021 due to the ramping Coronavirus vaccination process. however the IMF has warned of the dire challenges due to the different rates of vaccines being administered around the world.

The International Monetary Fund raised its forecast for global economic growth to 6% in 2021, from its previous forecast in January of 5.5%. Global GDP is expected to increase by 4.4% in 2022, higher than previous estimates, which indicated 4.2%.

The latest round of fiscal stimulus in the United States, along with the launch of vaccines around the world, has made the International Monetary Fund more confident about the global economy this year. And the latest IMF forecast confirms that the United States is on its way to not only returning but surpassing its pre-pandemic performance this year.

The International Monetary Fund estimated growth of 5.1% for advanced economies this year, with the US economy growing at 6.4%. Emerging and developing economies are projected to grow by 6.7% for 2021, with India forecast to grow by as much as 12.5%.

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