The global economy is set to grow by 4.7% this year thanks to a stronger-than-expected recovery in the United States.
This is according to a report by the U.N. Conference on Trade and Development released on Thursday revising up its previous forecast of 4.3%.
The reports notes that upwards revision from its previous forecast made last September factors in an expected boost in U.S. consumer spending on the back of progress distributing COVID-19 vaccines and a vast stimulus package.
Earlier this month, the Organisation for Economic Co-operation and Development also revised higher its growth forecast for this year to 5.6 % from 4.2 %.
However, the 22-page UNCTAD report says COVID-19 will have lasting economic consequences that will require continued government support.
Related posts:
Global economy will grow by 3.5 per cent – IMF
UNCTAD partners Nigerian Ports authority to build capacity
UNCTAD proposes $3.4tn debt write-off for Nigeria, others
NNPC to grow LPG consumption, targets 10% global LNG market share
Economy to grow 5.5% in the year ending June 2018
S.A must work harder to grow economy after S&P downgrade – Gigaba
Experts advocate use of local engineers to grow Nigerian economy
Nigerian economy projected to grow at 2.1 in 2018 – IMF
