Sometimes one event can be a disaster for one country and the cornucopia of good opportunities for the other one. The coronavirus pandemic turned out to be a challenge for the world's economies. It delivered a severe blow to some countries, while others quickly recovered and managed to benefit from it.
When lots of states are now at risk of facing a recession, the United States is likely to boost its GDP to the highest level in history. According to the forecast of the International Monetary Fund, the world's largest economy may expand by a record 7% this year. If so, it will notch the highest GDP growth rate in modern history. Such an unprecedented rise is largely associated with the approval by US lawmakers of President Joe Biden’s stimulus packages.
The new forecast is noticeably different from the previous one. In May, the IMF predicted US GDP at the level of 6.4%. However, thanks to successful vaccination, the IMF upwardly revised its previous forecast.
Notably, analysts highlight that the US will hardly be able to maintain such high rates of economic growth for a long time. In 2022, the US economy is expected to increase by 4.9%, having fully recovered from losses incurred during the pandemic.
In general, many countries are highly likely to improve their economic indicators this year, albeit such high metrics come as a result of extremely negative readings at the pandemic peak last year. Yet, they are sure to balance them during this year, thus reaching high economic results. Even countries such as Russia are predicted to expand. For instance, Russia is forecast to grow by 3-4% on an annual basis.
