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With billions of people being vaccinated all over the world and massive stimulus flowing, the economy across the globe is strongly recovering from the pandemic. Per Bloomberg data, more than 2.15 billion doses have been administered across 176 countries with 38 million shots being given per day. Better-than-expected earnings, as well as easing of lockdowns and stricter measures, are adding also to the strength.

The JPMorgan Global Manufacturing PMI, compiled by IHS Markit, indicates that the goods-producing sector extended its current run of expansion to 11 months. Notably, the PMI rose to the highest level in more than 11 years to 56.0 in May from 55.9 in April.

The solid economic growth is likely to continue for the rest of the year. According to World Bank, the global economy is expected to expand 5.6% this year — the strongest pace in 80 years. Among the major economies, the United States is expected to grow 6.8% while China’s economy will likely grow 8.5%. Japan is forecast to post 2.9% growth this year while the economies of the 19 European countries that share the euro currency are collectively expected to expand 4.2%.

The emerging market and developing economies as a group are projected to expand 6% this year, supported by higher demand and a spike in commodity prices. Prices for a wide range of commodities from copper to oil to timber have been skyrocketing. Notably, oil price jumped to $70 per barrel for the first time since 2018 on optimism over higher energy demand and tightening supply. Precious metals like gold and silver are also rising on inflation fears as these often act as an inflation hedge. The industrial metals are on a tear as global economic recovery are spurring manufacturing and industrial activities. Meanwhile, agricultural commodities are surging this year buoyed by weather-related supply concerns and higher demand that has encouraged investment fund buying.

However, the recovery in many countries is being held back by a resurgence of COVID-19 cases and slow progress in vaccination. In particular, the growth in low-income economies this year is anticipated to be the slowest in the past 20 years other 2020, partly reflecting the very slow pace of vaccination. World Bank projects these economies to expand by 2.9% in 2021 before rising to 4.7% in 2022.

That said, we have highlighted some ETFs that could be compelling choices to tap the strongest growth in eight decades. These funds have been showing strong momentum this year and are expected to continue its solid run as well.

iShares MSCI ACWI ETF (ACWI - Free Report)

This ETF offers exposure to a broad range of developed and emerging market companies by tracking the MSCI ACWI Index. It holds a broad basket of 2312 stocks in its basket with key holdings in information technology, financials, consumer discretionary, and healthcare. From a country look, United States takes the largest share at 57.4% share while Japan, China, and United Kingdom round off the next three spots. With AUM of $16.9 billion, the fund trades in a volume of 2.7 million shares a day and charges 32 bps in annual fees. ACWI has gained 11.8% in the year-to-date timeframe and has a Zacks ETF Rank #3 (Hold) with a Low risk outlook.

Vanguard Total World Stock ETF (VT - Free Report)

This fund tracks the FTSE Global All Cap Index, which covers both well-established and still-developing markets. It holds a broad basket of 9045 stocks with North American firms accounting for 60.3% of assets, followed by Europe (16.7%), Pacific (11.8%) and Emerging Markets (10.8%). The product has AUM of $21.5 billion and trades in an average daily volume of 1.7 million shares. It has surged 12.5% this year and has a Zacks ETF Rank #3 with a Low risk outlook.

SPDR Global Dow ETF (DGT - Free Report)

This fund offers exposure to 154 companies from both the developed and emerging countries selected not just based on size and reputation, but also on their promise of future growth. It tracks the Global Dow Index, charging 50 bps in annual fees. Financials, industrials, consumer discretionary and information technology are the top sectors with a double-digit allocation each. The ETF has amassed $100 million in its asset base and trades in an average daily volume of 4,000 shares. It has gained 19.2% so far this year.

Global X Thematic Growth ETF (GXTG - Free Report)

This ETF seeks to provide a broad exposure to disruptive macro trends arising from technological advancements, changing demographics and consumer preferences, or the evolving needs for infrastructure and other finite resources through a portfolio of ETFs selected from the Global X Thematic Growth family. It tracks the Solactive Thematic Growth Index and holds 7 ETFs in its basket with Global X FinTech ETF (FINX - Free Report) taking the largest share at 25.1%. The fund has amassed $101.8 million in its asset base while trades in an average daily volume of 16,000 shares. It charges 50 bps in annual fees and is up 13% this year.

Invesco FTSE RAFI Emerging Markets ETF (PXH - Free Report)

This ETF offers exposure to the largest emerging market equities based on the four fundamental measures — book value, cash flow, sales and dividends — by tracking the FTSE RAFI Emerging Index. It holds a basket of 418 stocks with key holdings in financials, energy, information technology and materials. China takes the largest share at 31.2% while Brazil and Taiwan round off the next two with double-digit exposure each. The product has AUM of $1.5 billion and charges 50 bps in annual fees. It trades in an average daily volume of about 252,000 shares and has gained 14.3% so far this year. PXH has a Zacks ETF Rank #3 with a Medium risk outlook.