More than a year after the outbreak of Covid-19, recovery trade is in full swing, reads Pictet Wealth Management’s house view for May 2021.

Underscoring its optimism, the Swiss wealth manager has raised its global GDP forecast to 6.0% from 5.8% previously. Across the major economies, Pictet expects the US to grow at 6.5% for the rest of the year, the European Union at 4.5% and China much higher at 9.2%.

“We believe the whole global economy is really picking up momentum quite nicely. The access and the speed to vaccination will continue to be the key factors that we look at when we look at economic recovery for different countries and different places,” says Evelyn Yeo, head of investments in Asia at Pictet Wealth Management.

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