Another upgrade to the global growth outlook

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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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