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IMF predicts strong rebound in the global economy

Geoff Riley

10th April 2021

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The latest IMF forecast predict faster than expected recoveries in 2021 and 2022 for both the global economy and the UK.

The global forecast is for 6% growth this year and 4.4% next year; in the UK's case, it's 5.3% this year and 5.1% next year.

However, on the flipside, the rate of recovery could differ depending upon the success of vaccine rollouts, and previous gains in terms of poverty reduction have been reversed.

According to the Chief Economist of the IMF, Gita Gopinath

"The fastest way to improve the economic outlook is to suppress the pandemic – cooperation on the global production and distribution of vaccines is essential.

In the short to medium term, vaccine policy is economic policy. Speeding access to vaccines can boost global GDP by 1 percentage point"

Vaccines as a global public good - you heard it here first!

We forecast growth for emerging market and developing economies at 6.7% in 2021, moderating to 5% in 2022. Read the latest World Economic Outlook to learn more: https://t.co/hcZ4l9uUWv #WEO. pic.twitter.com/JEb7dp5wuH
— IMF (@IMFNews) April 7, 2021

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Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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