The International Monetary Fund now says that the United States’ economy will grow 6.4% in 2021 compared to 2020 – the fastest annual growth rate since 1984 and likely good news for the promotional products industry.
The IMF, a Washington, D.C.-based financial institution that works to foster global monetary cooperation, secure financial stability and more, upgraded the predicted increase from a previous forecast of 5.1% growth on Tuesday, April 6.
President Joe Biden’s recently passed $1.9 trillion economic/COVID relief package and a quickening rollout of coronavirus vaccinations that’s allowing for a wider-spread societal reopening were key factors fueling the improved outlook, said IMF, which also believes U.S. gross domestic product will grow 3.5% in 2022.
“A way out of this health and economic crisis is increasingly visible,” IMF chief economist Gita Gopinath said at a press conference.
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