Another upgrade to the global growth outlook

Each month Oxford Economics’ team of 250 economists updates its baseline global economic outlook using the Global Economic Model, the only fully integrated economic forecasting framework of its kind.

April  / May 2021

  • Despite rising numbers of new coronavirus cases, we have nudged up our forecasts for world GDP growth by 0.1ppts to 6.1% in 2021 and 4.3% in 2022. We remain more optimistic than the both the consensus and IMF forecasts.
  • Recent data confirm that, although the quarterly pace of global growth slowed in Q1 after a robust H2 2020, the hit to activity from tighter restrictions has been a bit less severe than we envisaged.
  • This partly reflects businesses becoming more adept at dealing with social distancing and other coronavirus-related rules.

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