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Credit Suisse expects 5.9% growth in global economy in 2021

Credit Suisse expects 5.9% growth in global economy in 2021

Mubasher: The global economy is expected to grow 5.9% in 2021 and 4% in 2022, as countries are gradually resuming their economic activities amid the vaccination rollouts, according to CNBC, citing Credit Suisse's investment outlook for the second half (H2) of 2021.

The growth in the world economy would be driven by the vaccine rollouts, a recovery in revenues, reemployment, and fiscal stimulus.

Credit Suisse referred that the U.S. economy is set to expand at a rate of 6.9% in 2021, while the Eurozone and Asia ex-Japan are forecast to grow by 4.2% and 7.5%, respectively.

The Chief Investment Officer for South Asia at Credit Suisse, Ray Farris, told CNBC’s “Squawk Box Asia” that the economic expansion would result in a sharp recovery in global earnings growth that will have a positive impact on the stock market.

"We are looking for equities to be the asset class that is going to outperform over the next six months to a year. As long as earnings continue to trend higher, history suggests that equities will grind their way up," Farris referred.