A new report indicates that the global economy is expected to grow by 4.9% this year, up from the previous estimate of 4.1%. The revision is due to increased vaccination efforts and government stimulus packages. However, the recovery is uneven, with advanced economies leading the way while developing countries continue to struggle. Inflation is also a concern, with prices expected to rise by 3.5% on average across the globe. Oil prices have surged to $75 per barrel, the highest in two years, amidst growing demand and supply constraints. The report also highlights the urgent need for countries to address income inequality and ensure a sustainable and inclusive recovery.