IMF head says global economy facing long climb to recovery
Thursday, 10 15 2020, Category: Economy, Country: World
WASHINGTON -- The head of the International Monetary Fund says that the global economy has started on a long climb to stronger growth with prospects looking a little better than four months ago.
IMF Managing Director Kristalina Georgieva said Tuesday that global economic activity suffered an unprecedented fall in the spring when 85% of the global economy was in lockdown for several weeks. The situation currently is “less dire” with many countries experiencing a better-than-expected rebound in recent weeks.
“We continue to project a partial and uneven recovery in 2021,” Georgieva said in a speech previewing next week’s fall meetings of the 189-nation IMF and its sister lending agency the World Bank where the IMF will release its updated economic outlook.
While there has been some improvement, downside risks remain high, Georgieva said in a video-conference speech to the London School of Economics.
“The global economy is coming back from the depths of the crisis. But this calamity is far from over,” Georgieva said. “All countries are now facing what I would call ‘The Long Ascent’ — a difficult climb that will be long, uneven and uncertain. And prone to setbacks.”