The International Monetary Fund (IMF) has said announced that the global economy is at a critical juncture.
The financial body disclosed this in its latest World Economic Outlook Update.
“Amid exceptional uncertainty, the global economy is projected to grow 5.5 percent in 2021 and 4.2 percent in 2022.
“The projected growth recovery this year follows a severe collapse in 2020 that has had acute adverse impacts on women, youth, the poor, the informally employed, and those who work in contact-intensive sectors.
“The global growth contraction for 2020 is estimated at -3.5 percent, 0.9 percentage point higher than projected in the previous forecast (reflecting stronger-than-expected momentum in the second half of 2020).
“The strength of the recovery is projected to vary significantly across countries, depending on access to medical interventions, effectiveness of policy support, exposure to cross-country spillovers, and structural characteristics entering the crisis,” the IMF said.
The global economy is at a critical juncture. The recovery from the #COVID19 crisis will be shaped by whichever is faster: the virus or the vaccines. More in the latest #WEO report: https://t.co/yIs7h1GvE2 pic.twitter.com/mGxaEN0huc
— IMF (@IMFNews) January 31, 2021
Amaka E. Nliam
