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Global Economic Outlook: IMF Reports less severe fiscal contraction than forecast
Global Economic Outlook: IMF Reports less severe fiscal contraction than forecast
The Global has recorded some remarkable progress in recovering from the recess COVID-19 plunged it into. A report indicating the state of recovery has just been released by the International Monetary Fund, IMF. It said this is not yet a smooth ride. “The COVID-19 pandemic continuing to spread, many countries have slowed reopening and some are reinstating partial lockdowns to protect susceptible populations,” the executive summary stated.
“While recovery in China has been faster than expected, the global economy’s long ascent back to pre-pandemic levels of activity remains prone to setbacks,” the report hints. In the near future, the IMF says contrary to previous projections presented in April this year, the global growth rate at the end 2020 is 4.4 per cent. In 2020, the fund indicates that the growth rate is expected to rise, hitting the 5.2 per cent mark.
In the medium term, the IMF report projects that “after the rebound in 2021, global growth is expected to gradually slow to about 3.5 per cent.” The fund regrets that this does not however, represent a significant progress which is expected to enable the world economy to bounce back. “This implies only limited progress toward catching up to the path of economic activity for 2020-25 projected before the pandemic for both advanced and emerging markets and developing economies. It is also a severe setback to the projected improvement in average living standards across all country groups,” part of the report read.
The fund has hinted that the projects have been based on some promises which could as well change at any time. In part, the report reads: “The forecast rests on public health and economic factors that are inherently difficult to predict. A first layer relates to the path of the pandemic, the needed public health response, and the associated domestic activity disruptions, most notably for contact-intensive sectors. Another source of uncertainty is the extent of global spill overs from soft demand, weaker tourism, and lower remittances.”
Culled from Cameroon Insider