• April 16, 2024

Biden stimulus will give a major boost to the global recovery, OECD says

The global economy is on track to return to pre-pandemic levels by mid-year thanks to the $ 1.9 trillion stimulus package that will boost US growth by 3 percentage points this year, the Organization for economic cooperation and development said on Tuesday.

  • Global GDP growth is now expected to be 5.6% this year, more than 1 percentage point above the December forecast by the OECD, thanks to the introduction of the COVID-19 vaccine and the US economy. The world economy will grow by 4% in 2022.

  • The US economy would grow by 6.5% this year, China by 7.8% and the euro zone by 3.9%.

  • “However, vaccination faster and more effectively around the world is vital,” warns the OECD. “More bumps, more jobs,” it adds.

  • The organization also notes that “there is increasing evidence of differences between countries and sectors” and that “the resources needed to deliver vaccines to lower-income countries compared with the gains of a stronger and faster recovery in the World economy are low “.

Read: A recession is emerging in Europe as the pandemic intensifies in some regions

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