Global Economy to grow by 4.7% in 2021- UNCTAD

The global economy is set to grow by 4.7% this year thanks to a stronger-than-expected recovery in the United States.

This is according to a report by the U.N. Conference on Trade and Development released on Thursday revising up its previous forecast of 4.3%.

The reports notes that upwards revision from its previous forecast made last September factors in an expected boost in U.S. consumer spending on the back of progress distributing COVID-19 vaccines and a vast stimulus package.

Earlier this month, the Organisation for Economic Co-operation and Development also revised higher its growth forecast for this year to 5.6 % from 4.2 %.

However, the 22-page UNCTAD report says COVID-19 will have lasting economic consequences that will require continued government support.