Specialists at the International Monetary Fund (IMF) recorded a significant acceleration in the global economic growth. Geoffrey Okamoto, First Deputy Managing Director of the IMF, supposes that paces of the economic recovery are higher than expected.
“In January, we projected 2021 global growth at 5.5 percent, but prospects of a stronger recovery are emerging – because of additional fiscal stimulus, especially in the U.S., and the prospects of broader vaccination,” Geoffrey Okamoto said.
Despite such success, the global economy will hardly return to the pre-crisis levels in the near future. China is likely to be the only country that will be able to do so. The country’s GDP has already approached the levels last seen before the pandemic. However, the country may still face various risks, including the new coronavirus strain. That is why there are a lot of uncertainties over the economic revival. “We don’t know how prolonged the health crisis will be. Access to vaccines remains very uneven, both across advanced and emerging economies,” Mr. Okamoto added.
Economists have concluded that the mass vaccination program is the key condition for getting the economy back on track in 2021. Nevertheless, the economic growth could be capped by a preliminary withdrawal of containment measures, insufficient fiscal and monetary support for the population and businesses as well as threats of a debt crisis in a number of countries and problems in the banking sector.
