AlwaysFree: IMF Chief: Global Economy Faces Long, Difficult Recovery From Pandemic

Kristalina Georgieva, the Managing-Director of the International Monetary Fund on Tuesday said that the global economy is returning from the depths of this crisis, but the climb would be difficult, long, uneven, and uncertain, with high risks of setbacks. Georgieva also hinted that the IMF would revise its projection on global economic output slightly upward next week.

In June, the IMF forecast that the pandemic-related shutdown would cut the world’s GDP by 4.9%, the deepest contraction since the Great Depression of the 1930s. The fund also urged governments and central banks to roll out more policy support. It will issue its latest forecasts next week. Georgieva said the IMF maintains its view on partial and uneven recovery next year.

Georgieva also said that low-income countries with weak healthcare systems and high external debts face precarious situations. This statement suggests that the IMF may press for more debt relief for emerging countries.

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