Global growth rebound partially in 2021 – IMF

The International Monetary Fund (IMF) has projected world economies will begin to come out of a deeper recession in 2021.

So we continue to project a deep recession in 2020 with global growth projected to be -4.4 per cent.

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This is a small upgrade relative to our June numbers.

We expect growth to rebound partially in 2021, coming back to 5.2 per cent” the IMF chief economist Gita Gopinath, said in the latest update to the World Economic Outlook forecast.

She said global growth projected to be -4.4% in 2021.

“However, with the exception of China, all advanced economies and emerging and developing economies, excluding China, we are projecting output will remain below 2019 levels well into 2021.

Therefore, we see that the recovery from this catastrophic collapse will likely be long and even highly uncertain,” she said ahead of the report’s release.

As the world tries to bounce back from the economic turmoil caused by the COVID-19 pandemic, Gopinath argued that there will be risks to the recovery, but also a chance things can improve.