2021 is expected to be the strongest year of global GDP growth in more than two decades as mass vaccination permanently severs the link between the COVID-19 virus and economic activity. This rebound is supported by strong monetary accommodation and a stronger-than-expected fiscal impulse.

In its recent economic outlook update, the International Monetary Fund raised its global growth forecast for 2021, based precisely on how policy support and vaccines will increase economic activity.

Specifically, the global economy is forecast to grow by 5.5% in 2021 and 4.2% in 2022. The forecast for 2021 is revised upward by 0.3 percentage points from the previous forecast.

It is projected that the strength of the recovery will vary significantly among countries, which does not surprise us, because we knew beforehand that those who have had a better management of the pandemic and have made a greater effort, especially fiscal, to compensate for the economic effects of the pandemic, would have the best recovery options (US, China and to a lesser extent Europe) vs. a Latin America, for example, where the exception would be Chile .

In developed would highlight the U.S. economy, which would grow by 5.1% in 2021 and the outlook is likely to improve further if the U.S. Congress approves a US$1.9 trillion aid package proposed by Biden, where the U.S. economy would see a 5% increase over three years if the package wins approval .

And in emerging markets, we will continue to have a very strong Chinese economy that will expand by 8.1% in 2021, while India's economy will grow by 11.5% in 2021.