The report, released ahead of this week’s virtual meetings of finance officials and leaders from the Group of 20 countries, underscored the uneven nature of the global recovery and warned the crisis would likely leave deep, unequal scars. But she cautioned that the economic path ahead remains “difficult and prone to setbacks.”The IMF last month forecast a 2020 global contraction of 4.4%, with the global economy expected to rebound to growth of 5.2% in 2021, but said the outlook for many emerging markets had worsened. Georgieva said data received since that forecast confirmed a continuing recovery, with the United States and other advanced economies reporting stronger-than-expected economic activity in the third quarter. New outbreaks and more stringent mobility restrictions, and delays in vaccine development and distribution could reduce growth, increase public debt and worsen economic scarring. Georgieva also called on G20 leaders to commit to increased investment in green technologies and increases in carbon prices, estimating that doing so could boost global gross domestic product and create about 12 million jobs over a decade.

Source: Hindustan Times November 19, 2020 13:32 UTC