Pandemic Darkening Prospects In Developing Countries, Warns International Monetary Fund
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Global economic growth this year and next is expected to continue as the recovery solidifies broadly, but the overall figures mask large downgrades and ongoing struggles for some countries.
The ongoing hit from the Covid-19 pandemic and the failure to distribute vaccines worldwide is worsening the economic divide and darkening prospects for developing nations, the IMF said Tuesday.
Global economic growth this year and next is expected to continue as the recovery solidifies broadly, but the overall figures mask large downgrades and ongoing struggles for some countries.
"The outlook for the low-income developing country group has darkened considerably due to worsening pandemic dynamics," IMF chief economist Gita Gopinath said.
The setbacks, which she blamed on the "great vaccine divide," will impact the restoration of living standards, and a prolonged pandemic downturn "could reduce global GDP by a cumulative $5.3 trillion over the next five years," she warned.
