China News Service, Washington, July 27 (Reporter Sha Hanting) The International Monetary Fund (IMF) released the update of the "World Economic Outlook Report" on the 27th local time, showing that the global economic growth is expected to remain at 6% in 2021 and 2022 Global economic growth was revised up to 4.9%.
The updated content released this time shows that the global economic growth in 2021 is consistent with the previous forecast, but the IMF respectively raised the growth forecast for advanced economies by 0.5 percentage point to 5.6%, and lowered the growth forecast for emerging markets and developing economies by 0.4 percentage point to 6.3%.
Among them, the latest economic growth forecasts for the United States, the Eurozone and Japan in 2021 are 7%, 4.6%, and 2.8% respectively, and the Chinese economy is expected to grow by 8.1% this year.
In addition, the IMF predicts that the global economy will grow by 4.9% in 2022, an increase of 0.5 percentage points from the April forecast. This is mainly due to the upward adjustment of growth expectations in advanced economies.
The IMF predicts that in 2022 the economic growth of the United States, the Eurozone and Japan are expected to be 4.9%, 4.3% and 3%, respectively, and that China’s economic growth is expected to be 5.7%.
The IMF pointed out that since the release of the World Economic Outlook Report in April this year, the prospects for global recovery have divided into two camps due to different vaccine availability.
Developed economies with high vaccination rates are expected to further return to normal economic activities later this year; economies with a shortage of vaccines will still face the severe challenge of a renewed increase in the number of new crown infections and an increase in deaths.
The IMF believes that if the popularity of the vaccine is lower than expected and the new coronavirus continues to mutate and spread, it will bring downside risks to the recovery of the world economy, and the financing environment may tighten rapidly.
If inflation in advanced economies rises faster than expected, the market will reassess the monetary policy prospects of these economies, which may cause a rapid tightening of the financing environment.
Emerging markets and developing economies may be affected by the worsening of the epidemic and the tightening of the external financing environment, which will cause serious setbacks in their recovery process and drag down global economic growth.
The IMF stated that multilateral actions will play a key role in reducing the differentiation of the recovery and improving the outlook for the global economy.
The imperative is to distribute vaccines fairly across the globe.
Countries also need to intensify collective action to reduce greenhouse gas emissions, and implement national-level policies in accordance with the crisis stage of their country to promote sustainable and inclusive recovery.