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U.S. Stimulus Set to Turbocharge World Economy as Europe Lags

  • OECD revises up forecasts on stimulus plans, vaccine efficacy
  • European fiscal stimulus this year will be ‘relatively mild’
Updated on

A U.S. recovery turbocharged by President Joe Biden’s stimulus package will help power a faster than expected global economic upswing that risks leaving Europe behind, according to OECD forecasts.

The Paris-based organization said it now expects global output to rise above pre-pandemic levels by mid-2021 after major economies showed greater resilience at the end of 2020, and as evidence of vaccine efficacy grows and governments add extra demand stimulus.