BUSINESS

IMF Sees Downturn In Economic Growth

IMF expects global economic growth to fall below the previous forecast of 6%.

The International Monetary Fund expects global economic growth in 2021 to fall slightly below its July forecast of six percent.

IMF chief Kristalina Georgieva cited risks associated with debt, inflation, and divergent economic trends in the wake of the COVID-19 pandemic.

Ms. Georgieva said the global economy was bouncing back but the pandemic continued to limit the recovery, with the main obstacle posed by the “Great Vaccination Divide” that has left too many countries with too little access to COVID vaccines.

She said next week’s updated World Economic Outlook would forecast that advanced economies will return to pre-pandemic levels of economic output by 2022 but most emerging and developing countries will need many more years to recover.

Readers Bureau, Contributor

Edited by Jesus Chan

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