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IMF boosts global growth forecasts

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The International Monetary Fund has raised its global growth projections for this year and next, citing huge fiscal stimulus in some big economies and a vaccine-driven recovery in the future.

The world economy is set to grow 6.0 per cent this year and 4.4 per cent in 2022, the global lender said in its latest World Economic Outlook report released on Tuesday.

In a January update to the WEO, the IMF had projected growth rate of 5.5 per cent and 4.2 per cent respectively.

The latest projections are also stronger than those in the October WEO report.

“The upward revision reflects additional fiscal support in a few large economies, the anticipated vaccine-powered recovery in the second half of 2021, and continued adaptation of economic activity to subdued mobility.

“High uncertainty surrounds this outlook related to the path of the pandemic, the effectiveness of policy support to provide a bridge to vaccine-powered normalization and the evolution of financial conditions.’’ (dpa/NAN)


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