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| Version 1 | Version 2 |
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| UN raises global economic growth outlook on increased US consumer spending | UN raises global economic growth outlook on increased US consumer spending |
| (30 days later) | |
| Global economic growth will accelerate faster than expected this year, according to renewed data announced by the United Nations Conference on Trade and Development (UNCTAD). | Global economic growth will accelerate faster than expected this year, according to renewed data announced by the United Nations Conference on Trade and Development (UNCTAD). |
| UNCTAD expects the global economy to grow by 4.7% in 2021 compared to the previously forecast 4.3%. | UNCTAD expects the global economy to grow by 4.7% in 2021 compared to the previously forecast 4.3%. |
| “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 titled, ‘Out of the frying pan… into the fire?’ reads. | “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 titled, ‘Out of the frying pan… into the fire?’ reads. |
| The upwards revision from its previous outlook that was made in September is based on a projected increase in US consumer spending attributed to the latest progress in the distribution of Covid-19 vaccines. The agency also cites the vast stimulus package recently adopted by the US government as one of the factors. | The upwards revision from its previous outlook that was made in September is based on a projected increase in US consumer spending attributed to the latest progress in the distribution of Covid-19 vaccines. The agency also cites the vast stimulus package recently adopted by the US government as one of the factors. |
| According to the report, the long-lasting impact of Covid-19 will require continued government support. The UN highlights that a “misguided return to austerity” poses a major risk to global economic prosperity. | According to the report, the long-lasting impact of Covid-19 will require continued government support. The UN highlights that a “misguided return to austerity” poses a major risk to global economic prosperity. |
| Worldwide lockdowns tied to the coronavirus pandemic brought on a 3.9% drop in output, the agency’s estimates show. | Worldwide lockdowns tied to the coronavirus pandemic brought on a 3.9% drop in output, the agency’s estimates show. |
| The organization also said that the economic consequences of Covid are exorbitant, while the destruction of income is on an unprecedented scale with people in developing countries particularly hard hit. | The organization also said that the economic consequences of Covid are exorbitant, while the destruction of income is on an unprecedented scale with people in developing countries particularly hard hit. |
| Earlier, the Organization for Economic Co-operation and Development (OECD) also published an upwards projection, raising the expected economic growth this year from 4.2% to 5.6%. | Earlier, the Organization for Economic Co-operation and Development (OECD) also published an upwards projection, raising the expected economic growth this year from 4.2% to 5.6%. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |