World Bank revises up global growth forecast

The World Bank has upgraded its global growth forecast to 5.6 percent for this year. But it says the strong recovery will be ''highly uneven,'' due to inequality of access to coronavirus vaccines.

The World Bank's latest Global Economic Prospects report released Tuesday predicts the strongest post-recession growth in 80 years.

The new forecast is 1.5 percentage points higher than the previous one released in January.

It represents a sharp rebound from last year's contraction of 3.5 percent amid the impact of the pandemic.

America and China are expected to lead the recovery.

The World Bank raised its US growth forecast by 3.3 percentage points to 6.8 percent, and for China by 0.6 percentage points to 8.5 percent.

The Bank revised up Japan's growth for this year by 0.4 points to 2.9 percent on the back of fiscal support measures.

But it noted that the economic benefits of this year's Tokyo Olympics will be limited by the absence of foreign spectators.

World Bank President David Malpass said a great deal still needs to be done to reverse the pandemic's ''staggering human and economic costs."

He said expanding vaccine distribution and deployment, especially to developing countries, is a ''precondition to economic recovery."