The global economy is expected to grow by 5.5% in 2021, an upward revision from the previous forecast of 4.2%, according to the International Monetary Fund (IMF).
The IMF cited the rapid rollout of COVID-19 vaccines and the massive fiscal stimulus measures implemented by various governments as the main reasons for the improved outlook.
However, the IMF also warned that the recovery is expected to be uneven across different countries and sectors. Developing countries, in particular, are projected to face significant challenges in bouncing back from the pandemic-induced economic downturn.
The IMF urged policymakers to continue providing support to their economies and to ensure that the recovery is inclusive and sustainable. It also emphasized the importance of global cooperation in addressing the long-term impacts of the crisis.
