The Peterson Institute for International Economics, the US, raises the expected global economic growth rate to 5.6% this year.

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[아시아경제 박병희 기자] The Peterson Institute for International Economics (PIIE), a major US think tank, raised its forecast for global economic growth this year to 5.6%.

According to PIIE’s’Global Economic Outlook’ report on the 3rd (local time), PIIE raised its global economic growth forecast based on real gross domestic product (GDP) this year from 4.7% in October last year to 5.6%.

PIIE raised its US economic growth forecast this year from 4.1% in October last year to 6.3%. PIIE predicts that economic activity will exceed pre-Corona 19 levels, especially in the spring of this year. We also raised our estimates for economic growth rates in China and India to 8.5% and 10.5%, respectively. It was raised 2.5 percentage points and 3.0 percentage points from the estimate in October last year.

PIIE explained that the global economic outlook is brighter than predicted last fall thanks to the spread of the Corona 19 vaccine and economic stimulus measures.

On the other hand, forecasts for economic growth in the euro area (6.0%→4.4%), Japan (5.0%→2.5%), the UK (4.0%→3.8%), and Russia (3.5%→2.7%) were lowered. For Brazil, it was expected to grow by 0.5% in October of last year, but this time, it was expected that the economy would take a step back, saying that its GDP would decrease by 1.0%.

PIIE predicts that the global economy will grow by 4.4% next year.

Earlier last month, the Organization for Economic Cooperation and Development (OECD) also raised its global economic growth forecast this year from 4.2% to 5.6%. In addition, in January, the International Monetary Fund (IMF) also raised its growth rate forecast from 5.2% to 5.5%. The IMF plans to revisit its global economic growth forecast again this year at the spring meeting that opens on the 5th.

Reporter Park Byung-hee [email protected]