IMF has again upgraded its outlook for global economy: QNB report – MENAFN.COM

IMF has again upgraded its outlook for global economy: QNB report – MENAFN.COM

One year since the start of the global COVID-19 pandemic, the global economy remains under pressure as the human toll rises and millions remain unemployed. However, the way out of this crisis is increasingly visible, despite considerable uncertainty about the future path of the pandemic. Hundreds of millions of people are being vaccinated at an unprecedented pace and are adapting to ways of working with reduced mobility. The International Monetary Fund (IMF) recently published the April update of its World Economic Outlook (WEO), entitled 'Managing divergent recoveries. Four points summarize the updated IMF take on the global economy. Stronger estimates for growth in 2020 and higher growth expectations for 2021, despite divergence across countries and persistently elevated uncertainty. First, the IMF has continued to revise up its estimates of global economic output in 2020. While the IMF in October 2020 forecast a global GDP contraction of 4. 4% for 2020, it now estimates a smaller contraction of 3. 3%. The higher estimates for 2020 are mainly thanks to swift policy action that was taken worldwide, including USD 16 trillion dollars of fiscal support, which have prevented a far worse outcome. Indeed, IMF estimates suggest that last year's collapse could have