OECD Interim Economic Outlook
In the OECD’s Interim Economic Outlook released on 9 March the organisation upgraded the 2021 global GDP growth forecast by 1.4 percentage points (pp) from the previous outlook published in December to 5.6%, citing a faster-than-expected global rebound in the latter half of 2020 and the encouraging news of mass COVID-19 vaccine production and deployment.
Significant upgrades were made to major economies such as India (+4.7 pp to 12.6%) and the US (+3.3 pp to 6.5%). There were also more modest upward revisions for the Euro Area (+0.3 pp to 3.9%) and Japan (+0.4 pp to 2.7%).
Meanwhile, the growth forecast for China was amended down 0.2 percentage points to 7.8%.