IMF cuts its global economic forecasts for 2021 and warns of ‘long uneven’ recovery
Aruba, October 15, 2020 – A strong comeback in 2021 is needed to help the global economy heal from the coronavirus pandemic. But the International Monetary Fund is downgrading its forecasts for next year, and warning of a long, slow recovery that will stoke poverty and damage growth.
The IMF predicted on Tuesday that the world economy will shrink by 4.4% in 2020, a less severe contraction than it forecast in June. The improvement is driven by a stronger than expected bounce in the United States and Europe after lockdowns lifted, as well as China’s return to growth.
However, the organization downgraded its outlook for 2021. The IMF now sees a 5.2% increase in global output next year, down from 5.4% in its previous report. Last month, the Organization for Economic Cooperation and Development also lowered its forecast for 2021.
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