The global economy could grow by “nearly 6 per cent” this year, the Organization for Economic Co-operation and Development (OECD) said on Monday, while warning that recovery from the Covid-19 pandemic-related losses will be “very uneven”.
Growth will be driven by the world’s three main economic powers, with China’s gross domestic product (GDP) set to expand by more than 8 per cent, dpa news agency quoted the Paris-based OECD as saying in its 2021 Economic Outlook. The US should be close behind, registering nearly 7 per cent GDP growth, with the European Union clocking a higher-than-usual 4.25 per cent. But while this year’s projected rebound would amount to “an impressive surge after the 3.5 per-cent contraction in 2020” it is unlikely to return living standards “to the level expected before the pandemic” by the end of next year, the OECD said.