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WORLD ECONOMIC OUTLOOK LAUNCHED BY IMF

WORLD ECONOMIC OUTLOOK LAUNCHED BY IMF

Context:

On October 12, 2021, International Monetary Fund (IMF) launched World Economic Outlook. The released report has improved its growth forecasts of the Latin American and Caribbean economy in the year 2021.

Key Findings of the Report:

  • According to the IMF report, a recovery of 6.3% is expected by 2021 and 2.5% by 2022.
  • These figures show that international credit organization observes a little increase in Gross Domestic Product (GDP) for the region against what was evaluated in July. In July 2021, it estimated an increase of 5.8%.
  • IMF expects a growth of 3.2% for the year 2022, 0.2% lower than its previous analysis.
  • The global economy is projected to grow 5.9% in 2021 and 4.9% in 2022, 0.1% point lower for 2021 than in the July forecast.
  • The downward revision for 2021 shows a downgrade for advanced economies in part due to supply disruptions and for low-income developing countries, largely due to worsening pandemic dynamics.
  • The rapid spread of Delta and the threat of new variants have increased uncertainty about how quickly the pandemic can be overcome. Policy choices have become more difficult, with limited room to manoeuvre.

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