Reuters reports that the U.N. Conference on Trade and Development (UNCTAD) said that the global economy is set to grow by 4.7% this year thanks to a stronger-than-expected recovery in the United States. Thus, UNCTAD revised its previous forecast of 4.3%.

The upwards revision from its previous forecast made last September factors in an expected boost in U.S. consumer spending on the back of progress distributing COVID-19 vaccines and a vast stimulus package, the report said.

“The global recovery that began in the third quarter of 2020 is expected to continue through 2021, albeit with a good deal of unevenness and unpredictability, reflecting epidemiological, policy and coordination uncertainties,” the report said.

However, UNCTAD said COVID-19 will have lasting economic consequences that will require continued government support. UNCTAD said the main risk to the global outlook is a “misguided return to austerity”.