The Organisation of Petroleum Exporting Countries, OPEC, has retained its previous 4.4 per cent Global Economic Growth forecast for year 2021.

In its January 2021 report obtained by The Daily,www.thedaily-ng.com, OPEC, stated: “Global economic growth was revised up slightly for 2020, after a better-than-expected performance in 3Q20. As a result, the global economy is now expected to contract by 4.1% in 2020, compared to the previous month’s forecast of -4.2%.

“While the 2021 forecast remains at 4.4%, recent news of fiscal stimulus in the US and the likelihood of a stronger-than-anticipated recovery in Asian economies provide potential upsides for this year’s growth prospects. US economic growth in 2020 was revised slightly higher by 0.1 percentage point (pp) to show a contraction of 3.5%, while the 2021 forecast remains at 3.4%.

“The Euro-zone forecast was also adjusted slightly higher by 0.1 pp to -7.2%, while the 2021 growth forecast remains at 3.7%. Japan’s figures remain unchanged, contracting by 5.2% in 2020 followed by a growth of 2.8% in 2021.

“China’s economic growth remains at 2.0% in 2020 and at 6.9% in 2021. India is now expected to have seen a shallower contraction of 9.0% in 2020, compared to a previously forecast -9.2%. Expected growth in 2021 remains at 6.8%.”

It added: “Brazil’s economy is now estimated to have contracted by 5.2%, revised up from the previous expectation of -5.8%, while forecast growth in 2021 remains at 2.4%. Russia’s economy is seen contracting by 4.1% in 2020, compared to the previous forecast of -4.5%, while forecast growth in 2021 remains unchanged at 2.9%.”