The Organization for Cooperation and Development issues new forecasts for the performance of global economies

The Organization for Economic Cooperation and Development warned of an “uneven” recovery in the global economy, as it lowered its growth forecasts for the world and the United States for 2021, while raising them for Europe.

The global economy has recovered this year, thanks to stimulus measures, the launch of anti-Covid vaccines, and the resumption of many economic activities, according to the organization.

“The recovery remains highly uneven, with strongly divergent outcomes across countries,” she said in her interim economic forecast.

Global gross domestic product exceeded pre-pandemic levels, after the recession caused by Covid, last year.

Global output is currently expected to grow by 5.7% this year, down from 0.1% from the previous forecast in May, according to the organization.
The organization lowered its growth forecast for the United States from 6.9 to 6.0% for the current year. The US Congressional Budget Office had previously forecast that the world’s largest economic power would achieve 6.7% growth.

As for the organization’s expectations for the euro area, it rose by one point to 5.3%, although expectations were different within the bloc, where the highest growth is expected to be achieved in France, Italy and Spain, while Germany’s performance was not among the best.

It is noteworthy in the report that the Turkish economy is expected to grow in 2021 by 8.4%, ranking second in the world in terms of economic growth, and ahead of large economies in this indicator such as the United States and the United Kingdom.

The following is a graph showing the organization’s expectations for the years 2021-2022:

The expectations for China, the second economic power in the world, remained at 8.5% in 2021. As for Russia, it is expected, according to the organization, that its economy will grow by 3.4% in 2021 and by 3.4% in 2022.