G-20 Finance Ministers and Central Bank Governors’ Meetings published by IMF (2021).
A global recovery from the crisis hinges on making rapid progress against the pandemic and providing effective economic support until the virus is beaten back. Excellent news from multiple vaccine trials and ongoing inoculation campaigns in some countries raise the potential for ending the Covid-19 crisis. Yet, continued fast transmission of a mutating virus makes the outlook very uncertain. Moreover, prospects vary tremendously across countries, reflecting vast differences in access to vaccines and other medical interventions; the ability for policies to effectively cushion economies; exposures to activities that are hindered by the pandemic; and preexisting trends. Currently, advanced and some emerging market economies are expected to gain widespread access to vaccinations during 2021, whereas others face a much longer wait.
The Great Divergence: A Fork in the Road for the Global Economy by Kristalina Georgieva published by IMF (2/2021).
“As G20 finance ministers and central bank governors meet virtually this week, the world continues to climb back from the worst recession in peacetime since the Great Depression.
The IMF recently projected global GDP growth at 5.5 per cent this year and 4.2 per cent in 2022. But it is going to be a long and uncertain ascent. Most of the world is facing a slow rollout of vaccines even as new virus mutations are spreading—and the prospects for recovery are diverging dangerously across countries and regions.
Indeed, the global economy is at a fork in the road. The question is: will policymakers take action to prevent this Great Divergence?..”
