(VOVWORLD) - The International Monetary Fund said Tuesday that unprecedented public spending to fight the COVID-19 pandemic, primarily by the US, will push global growth to 6% this year, a rate unseen since the 1970s.
 Illustrated photo(Source: VNA) |
The US forecast was raised 1.3 percentage points from the IMF’s 5.1% projection in late January - nearly twice the growth it estimated last October. 6% global growth, if it happens, would be the fastest pace since 1976.
The latest World Economic Outlook shows a dramatic divergence between the outlook for the US and much of the rest of the world, thanks to another 1.9 trillion USD in pandemic relief recently enacted in Washington.
The outlooks for other advanced economies like Germany, France, and Japan, hardly improved at all since January. Nonetheless, with the US improvement as the main driver, the IMF marked up its advanced economy growth estimate from 4.3% to 5.1%.