The global economy will expand by 6% this year but the economic gap between nations is widening.
The global economy will expand by 6% this year, but disparities between nations are widening as advanced economies accelerate and developing countries fall behind, the International Monetary Fund said this week.
“Vaccine access has emerged as the principal fault line along which the global recovery splits into two blocs,” the IMF said in its updated, warning of the danger to the economy if new virus variants are allowed to take hold. “The emergence of highly infectious virus variants could derail the recovery and wipe out $4.5-trillion cumulatively from global GDP by 2025,” IMF chief economist Gita Gopinath warned in a blog post.
This is not just a “tail risk” that is highly unlikely, “this is a realistic downside risk”, said Petya Koeva-Brooks, deputy director of the IMF research department.
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