Business this week

In its latest outlook the OECD forecast that the world economy will grow by 5.8% this year, a sharp upward revision from its previous estimate. The success of vaccine roll-outs in much of the rich world and the huge stimulus programme in the United States have helped improve global prospects. GDP per person has already returned to pre-pandemic levels in some countries, such as America and South Korea, but the OECD thinks that it will take another year for much of Europe to make up the difference, and another two to five years in Argentina, Mexico and South Africa. Real global output will still be $3trn less by the end of 2022 than it would have been without the crisis.