During the second quarter of the financial year, the widespread distribution of vaccines and the accelerated pace of inoculations in several key economies boosted the global growth outlook for 2021. However, there was growing divergence in recovery outlook among countries. Over the period, the United States (US) and United Kingdom (UK) benefitted from relatively successful vaccine campaigns, which allowed a broader recovery to take place with increased participation from the services sector. In addition, job creations, further fiscal support and easing of restrictions on economic activities drove consumer confidence higher over the quarter. In the US, the passage of a US$1.9 trillion stimulus package strengthened growth prospects while fueling fears about mounting inflationary pressures