On Tuesday, IMF (International Monetary Fund) head Kristian Georgieva said in a virtual speech that the IMF, a Washington DC-based sister organization of World Bank engaged in promoting economic cooperation and development among emerging and developing economies, had been expecting 2021 global economic growth to fall slightly below its prior projection of 6.0 per cent stated in July this year citing a raft of global-scale risks related to debts, inflations, alongside a wide-spread divergence in economic trends with most developing or low-income countries having been facing off an unclothed politicization in pandemic vaccine distribution.
Aside from that, IMF’s Georgieva, who had been fending off calls of resignation following reveal of her roles in ex-World Bank President Kim’s alleged data manipulation attempt to heighten up China’s ranking in global business while serving as an executive in the World Bank, also added that the global economy had been rebounding sharply during Summer, nonetheless, a rapid rise in delta cases stoked inflationary pressures alongside a wide-spread bottleneck in supply chains across the world.
IMF accuses ‘Great Vaccination Divide’ behind latest lag in global economy
On top of that, Georgieva was quoted saying that the key hurdle to overcome a catastrophic supply chain constraint alongside s persistent shortage in labour market, which would likely to hold back global growth in 2021, had been the “Great Vaccination Divide” that had left a lion’s share of global population unvaccinated with little or no access to a vaccine against pandemic contagion.
Speaking virtually in the Bocconi University of Italy, Georgieva also had added that the IMF’s World updated Economic Outlook scheduled to be released by next week, would forecast that almost all of the advanced economies would return back to pre-pandemic output by 2022, but a worrisome number of emerging and developing nations would require ‘many more years’ to recover.