Global economic recovery ‘really quite unique’, IMF says, amid supply chain disruptions and price increases
- Global economy is expected to grow 5.9 per cent this year before slowing to 4.9 per cent in 2022, according to the International Monetary Fund (IMF)
- But the overall figures mask large downgrades and ongoing struggles for some countries, including the United States, Germany and Japan
Worldwide supply chain disruptions are driving price increases and draining momentum out of economies recovering from the coronavirus pandemic, the International Monetary Fund (IMF) warned on Tuesday.
The ongoing hit from the pandemic and the failure to distribute vaccines worldwide is worsening the economic divide and darkening prospects for developing nations, the IMF said in its latest World Economic Outlook.
The global economy is expected to grow 5.9 per cent this year, only slightly lower than projected in July, before slowing to 4.9 per cent in 2022, the report said.
But the overall figures mask large downgrades and ongoing struggles for some countries, including the United States, Germany and Japan that are feeling the impact of supply bottlenecks, IMF chief economist Gita Gopinath said.
This recovery is really quite unique
“This recovery is really quite unique,” she told AFP on the sidelines of the annual meetings of the IMF and World Bank.