IMF: Vaccines will power 5.5% global economic growth in 2021

WASHINGTON (AP) — The spread of COVID-19 vaccines will power a stronger global economic recovery in 2021, the International Monetary Fund forecast Tuesday. After sinking 3.5% in 2020, the worst year since World War II, the global economy will grow 5.5% this year, the 190-nation lending organization predicted. The new figure for 2021 marks an upgrade from the 5.2% growth the IMF forecast in October. The vaccine should contain the spread of the virus and allow governments around the world to ease lockdowns and other restrictions on normal economic activity. The IMF expects the U.S. economy to expand 5.1% this year after collapsing 3.4% in 2020. No. 2 China is expected to grow 8.1% this year.