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7/15, 1:50 PM (Source: TeleTrader)
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World economy to grow 5.5% in 2021 - OPEC

The Organization of the Petroleum Exporting Countries (OPEC) revealed on Thursday that it expects the global economy to grow 5.5% in 2021 and 4.1% in 2022. The 2021 figure was unchanged from the previous estimate.

In its Monthly Oil Market Report for July 2021, OPEC warned about the impact of the coronavirus variants, the pace of global vaccination efforts, sovereign debt levels, pressures on inflation and monetary policy responses as main factors that could impact the economic projections.

The United States GDP is expected to rise by 6.4% in 2021 and by 3.6% in the year after that. OPEC sees the Eurozone economic activity accelerating by 4.1% this year and by 3% in 2022. Japan's 2021 economy is estimated to grow 2.8% and China's GDP is projected to increase by 8.5%.

Breaking the News / MS