Why has IMF upgraded US Growth Forecast for 2021?

The International Monetary Fund or the IMF has upgraded its growth outlook for the U.S. economy to 6.4 percent in 2021.

IMF chief economist Gita Gopinath said the U.S. is the only large economy projected to surpass the GDP level forecast for 2022 in the absence of this pandemic.

According to the IMF, President Joe Biden’s 1.9 trillion dollars stimulus package is expected to further boost the economy.

On the other hand, the Euro area which includes Germany, France, Italy and Spain is expected to grow 4.4 percent in 2021, while the Chinese economy is projected to expand 8.4 percent this year.