Global economic recovery is on the cusp of a boom with vaccination programs taking the front seat and stimulus packages in various economies supporting post-pandemic recovery. Despite lockdown restrictions being reimposed, economic sentiment is improving with growth poised to bounce back. Leading data and analytics company GlobalData has revised its 2021 global GDP growth rate to 5.95%, up significantly from its previous estimate of 4.88%*.

Shruti Upadhyay, Economic Analyst at GlobalData, comments: “Major economies such as the US, India and Israel are now beginning vaccinations with Pfizer-BioNTech and Moderna/Biotech product. In the meanwhile, the United Arab Emirates (UAE) and Bahrain are initiating use of China’s COVID-19 vaccine, Sinopharm. North America is currently ahead, with the highest number of vaccine doses administered, as per the vaccination data from various government sources in March 2021.”

While the US and China are leading in the number of doses administered, Israel’s inoculation eclipses other countries and is the highest globally, with doses administered per 1,000 people at 1,043 as of 13 March 2021. The US and China are rising slowly largely because of high population with 333 and 37.71 vaccine doses administered per 1,000 people, according to the data from Johns Hopkins University.

Upadhyay continues: “With around 64.5% of the population in the US who are above 65 years of age now having been administered with at least one dose of the vaccine, GlobalData has revised its weekly revision of GDP growth for the US to 5.55% in 2021 from its earlier prediction of 5.2% on February 22. India is set to cross the 50 million mark for vaccines administered in the coming weeks. Brazil is currently in talks with Pfizer and Johnson & Johnson for vaccine availability in the nation, along with procuring two million doses of AstraZeneca’s vaccine supplied by India. This will contribute to the upward weekly revision of GDP growth to 3.52% for 2021 from the previous forecast of 3.47%.”

* Previous estimate made on 22 February 2021