According to Euromonitor International, the global economic outlook has improved since Q1 2021. Global real GDP growth in 2021 is now expected to be the fastest in more than 40 years, at 5.8% (a 0.5 percentage points upgrade relative to the Q1 forecast), followed by 4.5% growth in 2022 (a 0.4 percentage points forecast upgrade).

The forecast upgrade is mainly driven by advanced economies, which are now expected to grow by 5% in 2021 (a 1 percentage point increase relative to the Q1 forecast) and by almost 4% in 2022 (a 0.7 percentage points forecast upgrade). In contrast, developing economies' real GDP growth rate forecast for 2021-2022 has been raised by just 0.2-0.3 percentage points to 6.5% and 5%. 

Eurozone real GDP is expected to grow by 3.9% annually over 2021-2022. This would still leave it 3% below the pre-pandemic forecast level in 2022. The Eurozone's economic recovery has been slower than expected in early 2021 due to ongoing social distancing measures, a third coronavirus wave in the spring, and delays in vaccination campaigns in Q1.