IHS Markit revises forecast for global GDP growth in 2021 from 6.0% to 5.8%

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IHS Markit has revised its forecast for the growth of the world economy this year to 5.8% from 6.0%, informed IHS Markit in a report published on Thursday (22).

The consultancy says this is a result of “less strong” expectation for the Asia/Pacific region and the United States, only partially offset by better prospects for Europe and Latin America. In this framework, she says the 2021 shock to world production growth will be fully offset in 2022-2023.

In 2021 and 2022, the development will be linked to advances in vaccination against COVID-19, notes IHS Markit. They point out that countries with low levels of vaccination face a greater risk from the delta version of the virus. For those who do manage to reopen safely, there should be “robust” progress in activity.

In June, the consultancy predicted that the US economy would grow 7.4% this year. Now, however, it projects 6.6%. In the case of the euro area, growth is currently expected in the United Kingdom, 6.6%, and in China, 8.5%.

Last Wednesday (21st), International Monetary Fund (IMF) IMF Managing Director Kristalina Georgieva said it also released its forecast for 2021 global growth of about 6%, similar to April’s estimate, but growing faster in some countries and slower in others

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About the author: Sarah Gracie

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