The US has rolled out coronavirus vaccines quickly. Jeenah Moon/Getty Images The US economy is set to grow at the fastest pace since 1984 this year, the OECD has said.
US gross domestic product would grow 6.9% in 2021, after contracting 3.5% in 2020, it said.
The organization said the US’ huge stimulus and speedy vaccine rollout was boosting growth.
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The US economy is set to grow at the fastest rate since 1984 this year thanks to government stimulus and the speedy rollout of coronavirus vaccines, the Organisation for Economic Co-operation and Development (OECD) has said.
In its latest economic outlook, the OECD group of rich countries said US gross domestic product would grow 6.9% in 2021, after contracting 3.5% in 2020. That would be the biggest increase since 1984, according to World Bank figures .
The OECD’s new US forecast was an upgrade from March’s prediction of 6.5% growth , which was itself a sharp improvement on a December estimate of 3.2%.The successive upgrades reflect the impact of both President Joe Biden’s $1.9 trillion stimulus bill and of vaccines, which are allowing states to reopen their economies. More than half of the US population has now had at least one shot.”Substantial additional fiscal stimulus and a rapid vaccination campaign have given a boost to the economic recovery,” the OECD analysts wrote in their report.The authors said the recovery had picked up speed: “Indicators of consumption activity have risen, with strong household income […]
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