IMF Postpones its Global Economic Forecast to Assess the Development of COVID-19

Business » FINANCE | January 5, 2022, Wednesday // 10:35
Bulgaria: IMF Postpones its Global Economic Forecast to Assess the Development of COVID-19 Anadolu Agency

The International Monetary Fund will publish its forecasts for the world economy on January 25, a week later than planned, to take into account the latest developments in the Covid-19 pandemic, said a spokesman for the global lender amid signs that the IMF may downgrade estimates, Reuters reported.

"The update of the World Economic Outlook report will be presented on January 25 to allow our teams to incorporate the latest developments related to the coronavirus pandemic into new economic forecasts," the IMF spokesman said.

Last month, IMF spokesman Gary Rice told reporters to expect an update on January 19th.

Also in December, managing director Kristalina Georgieva told a “Reuters Next” conference that the IMF was likely to further downgrade its global economic growth forecast in January to reflect the emergence of the coronavirus variant, Omicron.

In its latest report in October 2021, the IMF forecasts global economic growth of 5.9% in 2021 and 4.9% this year, while highlighting the uncertainty created by the new variants of the coronavirus.

Reuters recalls that since the beginning of the pandemic in the first months of 2020, the coronavirus has killed nearly 5.8 million people worldwide.

Economists expect the IMF to cut its economic outlook for the United States, the world's largest economy, given the rapid spread of the highly contagious Omicron option and the failure of Congress to adopt US President Joe Biden's social and climate spending package which amount was $ 1,2 trillion.

In October, the Fund already lowered its forecast for US gross domestic product growth in 2021 to 6% from a 7% previous estimate, citing supply chain disruptions and labor market deficits, while forecasting growth in the US economy by 5.2% in 2022

Since then, however, the pandemic has gained momentum again, and divisions in the US Congress have deepened.

The United States set a global record of nearly 1 million new coronavirus infections on Monday, according to Reuters, and the country's average daily deaths rose to 486,000 last week, higher than in any other country.

/BNR

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