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2021-03-18

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U.N. body raises global economic growth forecast for 2021 to 4.7%

GENEVA, March 18 (Reuters) - The global economy is set to grow by 4.7% this year thanks to a stronge

U.N. body raises global economic growth forecast for 2021 to 4.7%

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Conference on Trade and Development (UNCTAD) said on Thursday, revising up its previous forecast of 4.3%.</p>\n<p>The upwards revision from its previous forecast made last September factors in an expected boost in U.S. consumer spending on the back of progress distributing COVID-19 vaccines and a vast stimulus package, the report said.</p>\n<p>\"The global recovery that began in the third quarter of 2020 is expected to continue through 2021, albeit with a good deal of unevenness and unpredictability, reflecting epidemiological, policy and coordination uncertainties,\" the report said.</p>\n<p>Earlier this month, the OECD also revised higher its growth forecast for this year to 5.6 % from 4.2 %.</p>\n<p>However, the 22-page UNCTAD report called 'Out of the frying pan...into the fire?' said COVID-19 will have lasting economic consequences that will require continued government support. It said the main risk to the global outlook is a \"misguided return to austerity\".</p>\n<p>The report estimates that last year there was a 3.9 % drop in output as the spread of the coronavirus sparked lockdowns across the world.</p>\n<p>It called the impact \"exorbitant\", describing the \"destruction of income on an unprecedented scale\" with people in developing countries particularly hard hit.</p>\n<p>Still, it says it would have been worse had central banks not taken preemptive action to avoid financial meltdown. Relief packages and a bounce-back in commodity prices as well as the fast-tracking of vaccine development also helped, the report said.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"000001.SH":"上证指数",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","HSI":"恒生指数",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2120130261","content_text":"GENEVA, March 18 (Reuters) - The global economy is set to grow by 4.7% this year thanks to a stronger-than-expected recovery in the United States, a report by the U.N. Conference on Trade and Development (UNCTAD) said on Thursday, revising up its previous forecast of 4.3%.\nThe upwards revision from its previous forecast made last September factors in an expected boost in U.S. consumer spending on the back of progress distributing COVID-19 vaccines and a vast stimulus package, the report said.\n\"The global recovery that began in the third quarter of 2020 is expected to continue through 2021, albeit with a good deal of unevenness and unpredictability, reflecting epidemiological, policy and coordination uncertainties,\" the report said.\nEarlier this month, the OECD also revised higher its growth forecast for this year to 5.6 % from 4.2 %.\nHowever, the 22-page UNCTAD report called 'Out of the frying pan...into the fire?' said COVID-19 will have lasting economic consequences that will require continued government support. 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