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World Bank boosts growth forecasts as US stimulus, vaccines stoke demand

Emerging markets excluding China are expected to grow 4.4% in 2021

World Bank Group | Coronavirus | Global economy

Reuters  |  WASHINGTON 

The World Bank on Tuesday raised its global growth forecast to 5.6% for 2021, marking the strongest recovery from a recession since 1940 due to U.S. stimulus spending and faster growth in China but held back by "highly unequal" access to COVID-19 vaccines. The development lender's latest Global Economic Prospects report showed a 1.5-percentage-point increase from forecasts made in January, before the Biden administration took office and enacted a $1.9 trillion U.S. COVID-19 aid package. Since then, vaccines have become much more widely distributed in the United States ...

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First Published: Tue, June 08 2021. 20:43 IST