14 July 2021
Monthly Market review – Download Article
The global recovery continued to build momentum during the second quarter, driven by developed markets, where vaccine rollout is proving to be decisive in lifting pandemic restrictions. Forecasts for growth this year and next were revised up materially: the IMF is now forecasting global GDP to expand by 6% in 2021, up from its previous forecast of 5.2%; the OECD raised its growth expectation to 5.8% from 4.2%, the Federal Reserve upped its 2021 forecast for US growth to 7% (6 months earlier it was predicting 4.2%), while the ECB is now expecting growth in the Euro Area of 4.6% in 2021, compared with its March forecast of 4%.
