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IMF increases forecast for global growth due to coronavirus vaccines

The International Monetary Fund (IMF) projected a bit of optimism on Tuesday, arguing that vaccines against the coronavirus pandemic have improved the prospects for the global economy.

The International Monetary Fund (IMF) projected a bit of optimism on Tuesday, arguing that vaccines against the coronavirus pandemic have improved the prospects for the global economy.

In a report, the IMF noted that “amid exceptional uncertainty, the global economy is projected to grow 5.5 per cent in 2021 and 4.2 per cent in 2022.”

The forecast for this year has been revised up 0.3 percentage points relative to the previous forecast due to expectations that the vaccines will boost economic activity later in the year.

In the United States, economic growth is expected to be around 5.1 per cent in 2021. Growth in the euro area is projected to be slightly lower, at around 4.2 per cent.

“Much now depends on the outcome of this race between a mutating virus and vaccines to end the pandemic, and on the ability of policies to provide effective support until that happens,” Gita Gopinath, the IMF’s chief economist, wrote in a blog post on the IMF’s website.

The data follows a slump in the global economy after the onset of the pandemic last year, which represented the worst recession in almost a century, the IMF noted.

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