OECD forecasts global economic recovery in 2021

In 2022, the recovery is projected to accelerate, as the virus is better controlled with a vaccine having become more generally deployed, restrictions being eased globally and the government implementing new investment projects, the Organisation for Economic Cooperation and Development (OECD) said in its Economic Outlook report released on Tuesday.

The Paris-based organisation said it expected the Greek economy to contract by 10.1 pct this year, to grow by 0.9 pct in 2021 and by 6.6 pct in 2022.

"However, the overall forecasts blur large differences between individual Member States of the organization, as economic output in many economies is expected to remain around 5% below pre-crisis levels in 2022. We're still in the midst of a pandemic crisis, which means that policy still has a lot to do", said OECD chief economist Laurence Boone.

China will be the only country covered by the OECD to see any growth at all this year, at 1.8 percent, unchanged from the last forecast in September.

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"OECD sees 2020 US GDP at -3.7% (-3.8% in September), +3.2% in 2021 (+4% in September), +3.5% in 2022".

China, which has brought its virus infections under control better than many major economies, will account for a big part of that economic recovery, while Europe, Japan and the US will lag, the OECD said.

"(South Korea's) effective measures to contain the spread of COVID-19 have limited the estimated fall in gross domestic product to just over 1 percent in 2020, the smallest decline in the OECD", the organization said. In 2021. the euro area economy will return to the path of growth, expanding by 3.6% and by 3.3% in 2022, the OECD predicts.

Though hard hit, the forecasts were an improvement from September, which had foreseen a contraction of 7.9 percent this year and a 5.1 percent rebound in 2021.

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