The International Monetary Fund (IMF) released its World Economic Outlook Report on Tuesday, projecting a stronger economic recovery in 2021 and 2022. The IMF said the global economy would grow by 6 percent in 2021 and 4.4 percent in 2022.
“We are now projecting a stronger recovery in 2021 and 2022 for the global economy compared to our previous forecast, with growth projected to be 6 percent in 2021 and 4.4 percent in 2022. Nonetheless, the outlook presents daunting challenges related to divergences in the speed of recovery both across and within countries and the potential for persistent economic damage from the crisis,” Gita Gopinath, Economic Counsellor and Director of Research, wrote in the report foreword.
The IMF said among advanced economies, the United States is expected to surpass its pre-COVID GDP level this year, while many others in the group will return to their pre-COVID levels only in 2022. Similarly, among emerging market and developing economies, China had already returned to pre-COVID GDP in 2020, while many others are not expected to do so until well into 2023.