Gita Gopinath, chief economist at the IMF, said the global growth forecast for 2021 has been revised down slightly to 5.9 percent compared to its July forecast.

India’s economy, which has contracted 7.3 percent as a result of the COVID-19 pandemic, is expected to become the fastest growing economy in the world, according to the latest forecasts by the International Monetary Fund on Tuesday, which forecast growth by 2022 its 9.5 percent in 2021 and 8.5 percent next year.

The growth forecast for India published by the latest World Economic Outlook remains unchanged from the previous WEO (World Economic Outlook) update from July this summer however, by three percentage points in 2021 and 1.6 percentage points below April projections.

According to the latest WEO update released ahead of the annual IMF and World Bank meeting, the world is projected to be 5, 2021 9 percent and by 4.9 percent in 2022.

The United States is expected to grow by six percent this year and by 5.2 percent next year.

China, on the other hand, is expected to grow by 8 percent in 2021, according to the IMF Percent and grow by 5.6 percent in 2022.

Gita Gopinath, chief economist at the IMF, said that the global growth forecast for 2021 has been revised down slightly to 5.9 percent compared to its July forecast and unchanged for 2022 is 4.9 percent. However, this humble headline update masks major downgrades for some countries.

“The outlook for the low-income group of developing countries has deteriorated significantly due to worsening pandemic dynamics. The downgrade also reflects tougher short-term outlook for the group of advanced economies, in part due to supply disruptions, “she said.

” To partially offset these changes, forecasts for some commodity exporters have been raised due to rising commodity prices. Pandemic disruptions in high-contact sectors have meant that the labor market recovery is lagging far behind the recovery in production in most countries, “said the Indian-American economist added.

She noted the dangerous divergence in economic outlook in the remains a major problem in individual countries, saying that total production of the group of advanced economies is expected to return to its pre-pandemic trend in 2022 and exceed 0.9 percent in 2024.

“In contrast Total production in emerging and developing countries (excluding China) is expected to remain 5.5 percent below its pre-pandemic forecast in 2024, causing a major setback in improving their living standards, “she added / p> Given that there is a significant common factor behind these complex challenges Given the ongoing impact of the pandemic on global society, Gopinath said that the top political priority is therefore to vaccinate at least 40 percent of the population in each country by the end of 2021 and 70 percent of the population by mid-2022.

“This requires high-income countries to meet existing vaccine dose donation pledges, coordinate with manufacturers to prioritize short-term supplies to COVAX, and lift trade restrictions on the flow of vaccines and inputs,” she said.

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Ref: https://www.outlookindia.com