Economic Buzz: OPEC Sees Global Economy Growing By 4.2% In 2022

19 Jan 2022 , 08:58 AM

OPEC noted in a monthly update that the global GDP growth forecasts for 2021 and 2022 remain unchanged at 5.5% and 4.2%, respectively. The US is estimated to grow by 5.5% in 2021, while growth for 2022 is slightly lowered to 4%. Euro-zone economic growth for 2021 is revised up to 5.2%, while growth for 2022 remains unchanged at 3.9%. Japans economic growth forecast for 2021 is revised down to 1.8%, while growth for 2022 remains unchanged at 2.2%. Growth forecasts in emerging economies remain largely unchanged, with Chinas forecast at 8% for 2021 and 5.6% for 2022. Indias forecast for 2021 stands at 8.8%, and is forecast at 7% in 2022. Russias GDP growth forecast remains unchanged at 4% for 2021 and 2.7% for 2022. Brazils economic growth forecast for 2021 is unchanged at 4.7%, while growth for 2022 was revised down to 1.5%. The spread of COVID-19 variants and the effectiveness of vaccines, as well as the pace of vaccine rollouts worldwide, remain key uncertainties. Moreover, supply chain bottlenecks and sovereign debt levels in many regions, together with rising inflationary pressures and the responses of central banks, remain key factors that require close monitoring.

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