Mubasher: The Organisation for Economic Co-operation and Development (OECD) has raised its forecast for the global economic growth to 5.8% in 2021, up from a previous estimate of 5.6%, Reuters reported on Monday.

The global economy has returned to pre-pandemic activity levels due to vaccine rollouts and economic support measures, the OECD said.

However, the OECD warned that slow vaccination rollout and new COVID-19 outbreaks would slow down growth rates in emerging markets.  

In 2022, the world’s gross domestic product (GDP) is forecast to grow by 4.4%, compared to a previous forecast of 4%, according to the OECD.

Supported by a multi-trillion-dollar stimulus plan, the US economy is projected to expand by 6.9% in 2021 and 3.6% in 2022, compared to earlier estimates of 6.5% and 4%, respectively.