COVID-19 - Featured - International - Top Stories - March 16, 2021

Vaccine rollout to boost global economic growth

The world economy is set to rebound this year with 5.6% growth and expand 4.0% next year following the COVID-19 vaccine rollouts in some countries.

BusinessMail established this through the Organisation for Economic Cooperation and Development (OECD)’s latest Interim Economic Outlook.

Activity in many sectors has picked up and adapted to pandemic restrictions over recent months.

“Vaccine deployment, although uneven is finally gaining momentum and government fiscal stimulus is likely to provide a major boost to economic activity,” read the report.

However, the Interim Economic Outlook expressed concerns over the pace of the ongoing vaccination rollout and called for ramping up of vaccination for swifter, more targeted fiscal stimulus to foster output and confidence.

“The pace of vaccinations is not fast enough to consolidate the recovery, we need to go much faster and we need to much better,” read the report.

While the vaccine rollout would give a shot in the arm to the global economy, The United States’ planned stimulus package would cascade down to other countries adding more than a percentage to the global growth.

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