Home Business IMF downgrades global economic growth forecast to 5.9%… Maintain Korea – Cheonji Ilbo

IMF downgrades global economic growth forecast to 5.9%… Maintain Korea – Cheonji Ilbo

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Containers for export are piled up in Busan Port ⓒChunji Ilbo DB

[천지일보=이솜 기자] The International Monetary Fund (IMF) on the 12th (local time) slightly downgraded its global economic growth forecast for this year, citing that the revival of the novel coronavirus infection (COVID-19) and widespread supply chain disruption are fears that the global economy is hampered.

The International Monetary Fund (IMF) said in its October World Economic Outlook report that it has lowered its global economic growth forecast for 2021 to 5.9% from the 6% projected in July, saying that changes in wealthy countries have begun to weigh on the world outlook in recent months. The forecast for next year was maintained at 4.9%.

The US economic growth forecast has retreated to 6% from the 7% expected in July, due to shrinking consumption and reduced inventories due to supply chain bottlenecks. Manufacturing production took a hit in Germany as key commodities were difficult to find. The summer lockdown stifled Japan’s economic growth. The worsening public health crisis caused by the COVID-19 delta mutation is darkening the outlook for developing countries, while exacerbating consumption and manufacturing shortages in developed countries.

Korea’s economic growth forecast for this year was 4.3%, the same as in July. However, the growth forecast for next year is projected to be 3.3%, down 0.1 percentage points from the previous year.

The IMF stressed that the biggest threat to the economic recovery is the spread of a more aggressive mutant virus, and that speeding up vaccinations is a top priority for accelerating the recovery.

According to the report, 60% of the population in developed countries is currently vaccinated, compared to only 4% of the population in low-income countries.

The International Monetary Fund (IMF) has warned that imbalances in vaccine distribution are likely to prolong economic unrest along with a health crisis.

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