Covid-19: global growth will be weaker than expected and the gap is widening between rich and poor countries – franceinfo

The Managing Director of the International Monetary Fund worries about the growing gap between rich countries which benefit globally from the recovery and poor countries affected by lack of vaccines and inflationary surges

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Global economic growth “slightly” lower than expected. These are the forecasts for this year 2021, warned the IMF Managing Director on Tuesday (October 5). “We are unable to move forward properly, it is as if we are walking with stones in our shoes!” explained Kristalina Georgieva, who is worried about the growing gap between rich countries, which generally benefit from the recovery, and poor countries, affected by lack of vaccines and inflationary surges. In July, the IMF (International Monetary Fund) revised upwards its forecast for global growth to 6% this year. But that was before the Delta variant wreaked new havoc on the world.

“We are facing a global recovery which remains hampered by the pandemic and its impact”, summarizes Kristalina Georgieva in a speech she is due to deliver at Bocconi University, Milan (Italy), before the fall meetings of the IMF and the World Bank.

The “divergence” recovery is such that advanced economies will return to their pre-pandemic levels “by 2022” when most emerging and developing countries “will take many more years to recover” of the crisis caused in spring 2020 by the Covid-19 pandemic.

The United States and China, the two leading economic powers, remain “the essential engines of growth even if their momentum slows down”, notes Kristalina Georgieva. Some advanced and emerging economies continue to grow “including Italy and more broadly Europe”. On the other hand, “In many other countries, growth continues to deteriorate, hampered by poor access to vaccines and a limited policy response, especially in some low-income countries”, she notes. The Washington institution will publish its updated global economic forecasts in one week at the opening of the annual meetings.

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