The United Nations Conference on Trade and development says the global economy will grow by 4.7%

According to a report released by the United Nations Conference on Trade and development, the global economy will grow by 4.7% this year due to stronger than expected U.S. economic recovery, better than the previous forecast of 4.3%, the voice of Nigeria reported.

The report said that the global economy shrank by 3.9% in 2020, mainly because the spread of New Coronavirus triggered a global blockade, which has produced lasting economic consequences. China's people in developing countries are particularly vulnerable to the blow and need the government's continued support. Despite uncertainties in global epidemic situation, economic policy and coordination, the global recovery starting from the third quarter of 2020 is expected to last until 2021. The aid plan, the rebound of commodity prices and the fast track of vaccine research and development also help. In the United States, consumer spending is expected to increase due to the progress of the covid-19 vaccination and the huge economic stimulus plan, which is higher than the forecast in September last year.

Earlier this month, the OECD also raised its growth forecast for this year to 5.6% from 4.2%.

Source: Economic and Commercial Office of the Embassy in the Federal Republic of Nigeria