Last week, a new study reported that the global economy is projected to grow by 5.6% in 2021, which is higher than the previous estimate of 4.4%. The research also showed that international trade volume is forecasted to increase by 8.4% this year, compared to the earlier estimation of 7.2%. Furthermore, the study indicated that inflation rates are anticipated to reach 3.8% in advanced economies and 4.3% in emerging markets. This optimistic economic outlook is thought to be primarily driven by the rapid growth in the service sector, improved vaccine distribution, and stronger-than-expected recoveries in various countries.