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Economy

China and US to power 6% global growth in 2021, IMF says

Vaccines and fiscal aid brighten outlook but worldwide recovery speeds diverge

The IMF now sees the U.S. economy growing 6.4% in 2021, up from 5.1% in January, while China is forecast to grow 8.4%. (Nikkei montage/AP)

TOKYO -- The global economy is set to grow 6% this year thanks to progress with coronavirus vaccinations and additional fiscal support in the U.S., the International Monetary Fund projected on Tuesday in an updated outlook report.

The 6% figure marks a 0.5-percentage-point upgrade from the fund's January forecast, and a brisk reversal from an estimated 3.3% contraction for 2020. Next year, global gross domestic product is expected to expand 4.4%, up from the previously predicted 4.2%, the IMF said.

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