International Monetary Fund forecast: COVID19 vaccines will power a stronger global economic recovery in 2021

 In Tuesday's International Monetary Fund outlook, the dissemination of COVID-19 vaccines will fuel a stronger global economic recovery in 2021.

The global economy will rise 5.5 percent this year, the 190-country lending organisation projected, after slipping 3.5 percent in 2020, the worst year since World War II. The new figure for 2021 is an improvement from the IMF estimate of 5.2 percent growth in October and will mark the fastest year of global growth since the 2010 financial crisis snapback.

Vaccines should contain the spread of the virus and promote lockdowns by governments around the world and enable a return to normal economic activity. But the IMF also says that economies around the world will need their governments' help to compensate for the damage caused by the pandemic and warns that coronavirus mutations could cloud global health and economic growth prospects.

The IMF said in an update to its World Economic Outlook that it expects the U.S. economy, the world's largest, to rise by 5.1% this year after crashing by 3.4% in 2020. After eking out a 2.3 percent rise in 2020, No. 2 China is projected to record 8.1 percent growth.

According to the IMF, the 19 European countries sharing the euro currency will collectively report 4.2 percent growth this year after having a 7.2 percent economic production crater in 2020. In 2020, the Japanese economy is expected to expand 3.1 percent, reversing a 5.1 percent decrease.

Thanks to a faster-than-expected recovery in its factories and farms, the IMF gave India a big upgrade: the Indian economy is forecast to grow 11.5 percent in 2021, the fastest among major economies, and a decrease of 8 percent from 2020.

The Agency also expects global trade to recover this year, with growth of 8.1 percent after dropping 9.6 percent last year.

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