The Global Economy Is Still ‘Lime’ Due to the COVID-19 Pandemic

The head of the International Monetary Fund (IMF) warned that the global economy was facing a sluggish recovery due to the “Great Vaccination Gap” between the world’s richest and poorest countries.

Managing Director Kristalina Georgieva, Tuesday (6/10) said in a virtual speech at Bocconi University in Italy that the IMF will reduce its economic forecast for 2021 in the upcoming World Economic Prospects due to the surge in new cases of COVID-19 triggered by the more contagious Delta variant. , in addition to soaring debt and inflation rates in many countries.

The IMF previously estimated global economic growth of 6 percent in its World Economic Prospects report last July.

Kristalina Georgieva.

Kristalina Georgieva.

Georgieva said the world was facing a recovery “still crippled by the pandemic and its effects. We can’t walk forward properly, it’s like walking with stones in our shoes.”

He said the global economy would lose an estimated $5.3 trillion over the next five years if the world’s richest countries do not fulfill promises to share vaccines with developing countries, and close the $20 billion gap in financing for low-income countries to do so. testing, tracking and treatment.

“Otherwise, large parts of the world will remain unvaccinated, and the human tragedy will continue,” he said.

Georgieva said it was still possible for the world to reach the IMF’s target of vaccinating at least 40 percent of citizens in each country by the end of this year, and 70 percent by the first half of 2022. [uh/ab]

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