On March 9 local time, the Organization for Economic Cooperation and Development (OECD) released its latest medium-term economic outlook report. The report predicts global GDP growth of 5.6% in 2021, compared with a previous estimate of 4.2%. Global GDP growth is expected to be 4% in 2022, compared with 3.7% previously projected. The report also predicts that among G20 member economies, China's economy will grow by 7.8 percent in 2021 and 4.9 percent in 2022.

The report predicts that the U.S. economy will grow 6.5% in 2021 and 4.0% in 2022 (compared to 3.2% in December) and 3.5% in December). Growth in the euro area will be 3.9% in 2021 and 3% in 2022. %(3.6% and 3.3% predicted in December); Among emerging economies, India will grow 12.6% and 5.4% in 2021 and 2022, respectively (12.9% and 4.8% predicted in December).

The report points out that the global economic outlook has improved significantly in recent months, thanks to the effective deployment of COVID-19 vaccines around the world and the announcement of budget increases by some countries. Global GDP growth is expected to be 5.6 percent in 2021 and 4 percent in 2022. By mid-2021, global economic output will exceed pre-pandemic levels. Even as the global economic outlook improves, output and income in many countries will remain below pre-pandemic levels until the end of 2022.

In its December report, the OECD noted that China is expected to contribute more than a third of world economic growth by 2021, while Europe and the United States will still contribute less than their share of the world economy. Led by a strong recovery in China, global GDP will return to pre-pandemic levels by the end of 2021.