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IMF downgrades global growth outlook as developing countries lag on vaccinations
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IMF downgrades global growth outlook as developing countries lag on vaccinations
Brian Cheung · Reporter
Tue, October 12, 2021, 9:00 AM
The International Monetary Fund (IMF) on Tuesday downgraded prospects for economic growth globally, noting that while advanced economies are set to rebound in the near-term, low-income developing countries continue to struggle with the spread of COVID-19.
“The dangerous divergence in economic prospects across countries remains a major concern,” said IMF Chief Economist Gita Gopinath.
The IMF updated its World Economic Outlook, lowering its forecast for global growth in 2021 to 5.9% (from 6.0% in its July forecast). It maintained its projection for 4.9% growth in 2022.
But the report notes that while growth in advanced economies is largely expected to return to pre-pandemic trend in 2022, emerging market and developing economies (excluding China) are forecast to remain 5.5% below trend in 2024.
Gopinath said this would result in “a larger setback to improvements in their living standards.”
{snip}
IMF downgrades global growth outlook as developing countries lag on vaccinations
Brian Cheung · Reporter
Tue, October 12, 2021, 9:00 AM
The International Monetary Fund (IMF) on Tuesday downgraded prospects for economic growth globally, noting that while advanced economies are set to rebound in the near-term, low-income developing countries continue to struggle with the spread of COVID-19.
“The dangerous divergence in economic prospects across countries remains a major concern,” said IMF Chief Economist Gita Gopinath.
The IMF updated its World Economic Outlook, lowering its forecast for global growth in 2021 to 5.9% (from 6.0% in its July forecast). It maintained its projection for 4.9% growth in 2022.
But the report notes that while growth in advanced economies is largely expected to return to pre-pandemic trend in 2022, emerging market and developing economies (excluding China) are forecast to remain 5.5% below trend in 2024.
Gopinath said this would result in “a larger setback to improvements in their living standards.”
{snip}