The global economic recovery from this year’s COVID-19 crisis will be slow as countries face rising prices, high debt burdens, and mixed recovery. Poor countries will lag behind rich countries,” said Kristalina Georgieva, managing director of the International Monetary Fund (IMF) Tuesday (5/10).
Despite having hundreds of billions of dollars to help countries recover from disasters, Georgieva said factors such as rising food prices and unequal access to vaccines were hampering recovery.
“We are facing a global recovery that continues to be burdened by the pandemic and its effects. We can’t move forward well,” Georgieva said in a speech delivered virtually from Washington to Bocconi University in Milan.
The IMF, a lender in times of crisis, and based in Washington, will release new growth forecasts next week. According to Georgieva, this year’s forecast is slightly down from six percent in July. He added, “the risks and obstacles to a balanced global recovery are becoming increasingly clear.” [ka/lt]