IMF Warns of ‘Diverging Recoveries’ Post-Pandemic

Washington, March 25 (AFP/APP): The IMF has warned the post-pandemic recoveries might be diverging, as vaccines are approved.

“We are seeing overall improvement in the global economy, but with many countries and people, too many, still left behind,” the Washington-based crisis lender’s spokesman Gerry Rice said. “We have described it in the past as diverging recoveries and countries being at very different levels, and I think we’re still seeing that broad picture.”

The IMF predicted a strong 5.5% rebound in January as opposed to 3.5% in 2020 but is set to release new forecasts on April 6th, as COVID19 continues to cause sealed borders and disruption in business. The lender warned of “extraordinary uncertainty,” and said the global economy is set to lose $22 trillion from 2020 to 2025 due to the pandemic.

The fund this month said the $1.9 trillion relief measure US President Joe Biden signed will boost growth both in the world’s largest economy and internationally, and expand US GDP by five to six percent over three years.

The stimulus will also increase demand, helping other countries sell more products to US consumers. Biden is expected to unveil a measure to improve US infrastructure that could cost as much as $3 trillion but potentially also increase the country’s high debt and deficit levels. Rice declined to comment on the proposal.

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