The Organisation for Economic Co-operation and Development on Monday upgraded its forecast for global economic growth this year but cut its projection for Japan, citing a resurgence of coronavirus infections and the nation's slow vaccine rollout.
The world's gross domestic product is projected to grow 5.8% in 2021, up from 5.6% previously forecast in March, with progress in vaccinations and governments' fiscal spending expected to underpin the economic recovery, the Paris-based club of 38 mostly wealthy nations said in its latest economic outlook.
"In the advanced economies, the progressive rollout of an effective vaccine has begun to allow more contact-intensive activities — held back by measures to contain infections — to reopen gradually," the outlook report said.