In its latest outlook report for the world economy, the International Monetary Fund (IMF) has revised up its forecast for 2021 global economic growth to 5.5% from 5.2% in the October release, as reported by Reuters.
Key takeaways summarized by Reuters:
“The IMF forecasts a global economic contraction in 2020 to 3.5% versus October forecast of a contraction of 4.4%, citing stronger-than-expected momentum in the second half of 2020. “
“The IMF quotes a ‘exceptional uncertainty‘On the economic outlook, he says that the new waves and variants of covid-19 pose risks. “
“The IMF forecasts a 8.1% growth in world trade volumes in 2021, moderating to 6.3% growth in 2022, after a 9.6% contraction in 2020 “.
“The IMF revises the forecast for US growth up to 5.1% in 2021 from the October forecast of 3.1%, foresees a growth of 2.5% in 2022 compared to 2.9% seen in October “.
“The IMF revises the forecast for India’s growth in 2021 upwards to 11.5% from 8.8% seen in October, foresees a growth of 6.8% in 2022 compared to 8% in October “.
“The IMF expects growth of 8.1% in China in 2021, compared to 8.2% seen in October, foresees a growth of 5.6% in 2022 compared to the October forecast of 5.8% “.
“The IMF says countries must continue to support economies until vaccine-driven standardization is underway“.
“The IMF says low-income countries need support through grants, loans and debt relief; debt restructuring may be inevitable for some. “
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