OPEC lowers global GDP growth forecast for 2021

OPEC lowers global GDP growth forecast for 2021
# 13 December 2021 18:56 (UTC +04:00)

The Organization of the Petroleum Exporting Countries revised on Monday its forecast for 2021 global economic growth down to 5.5%, however leaving the GDP growth outlook for next year at 4.2%, APA reports citing Teletrader.

The OPEC noted that the United States economy is expected to expand by 5.5% this year and 4.1% in 2022, similarly to the last month's assessment, while the Eurozone's growth outlook also remained unchanged at 5.1% and 3.9%, respectively. Japan's economy suffered the largest revision this year, and is now set to increase by 2% in 2021 and 2.2% next year. China and India will remain global leaders when it comes to this year's economic growth, posting more than 8% each.

"The ongoing robust growth in the world economy continues to be challenged by uncertainties related to the spread of COVID-19 variants and the pace of vaccine rollouts worldwide, as well as ongoing global supply-chain bottlenecks," OPEC's report concluded.

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