Effective vaccines, record government support, and pent-up demand are fueling a historic turnaround for the global economy. Data shows major economies bouncing back. In June, the International Monetary Fund more than doubled its 2021 U.S. GDP estimate to 6.4 percent. The National Retail Federation (NRF) also revised its forecast, anticipating retail sales growth between 10.5 percent and 13.5 percent. NRF’s initial projection for 2021 was 6.5 percent.
“The economy and consumer spending have proven to be much more resilient than expected,” said NRF President Matthew Shay. “While there are still risks related to worker shortages, tax increases and over-regulation, households are healthier overall and consumers are demonstrating their ability and willingness to spend.”