US to accelerate global economic recovery

The US is likely to keep the global economy afloat. A competent policy of local authorities, stimulus programs, and the US economic strength may boost the recovery of the global economy. Analysts at the Organization for Economic Co-operation and Development (OECD) are sure that only the US may accelerate the global economic growth. The latest OECD’s report reads that a rapid revival in the US allowed analysts to upwardly revise the official outlook for the global economic recovery.  While some countries are just announcing their readiness to do everything to cope with the pandemic consequences, the US is taking serious steps to reach the goal. Thus, according to the OECD, thanks to the US actions, the global economy may advance by 5.8% by the end of 2021 and by 4.4% in 2022. The previous estimate unveiled a rise of 5.6% and 4.0% respectively. The OECD emphasizes that the economic activity has already reached its pre-crisis levels. However, the growth pace is still rather slow even despite the low base effect. The main drivers of the recovery are massive vaccination and financial support programs launched in the US and the eurozone. Such programs stimulate consumer and business demand which forms the backbone of economic development.