Themes that IPC's Chief Economist Shawn DuBravac offered last month continue to play out. Global demand remains strong, but the economic environment is softening. We are starting to see some early signs that demand is slowing.

Economic recovery continues along a bumpy path. In this month’s economic outlook report, IPC’s Chief Economist Shawn DuBravac offers five key observations:

Five key themes are combining to define the current economic environment.

Global economic recovery is accelerating as vaccination rates increase and countries fully open their economies.

The economic narrative we’ve been building in recent months continues to play out. First, COVID will be the predominant force defining economic growth in the early months of the recovery.

The global economic recovery is picking up speed, but there remain risks. The global economy should grow roughly 5 percent in 2021, driven by growth in the United States and China. The world’s two largest economies are seeing accelerated growth.