25 Feb 2021 / 01:41 H.
The IMF recently projected global gross domestic product growth at 5.5% this year and 4.2% in 2022, but Georgieva warned that the outlook remained uncertain, citing concerns about different strains of the virus and the slow rollout of vaccines across most of the world. By the end of 2022, the IMF estimates that cumulative per capita income will be 22% below pre-crisis projections in emerging and developing countries, excluding China, compared to 13% in advanced economies and 18% in low-income countries.
In addition to moves to accelerate vaccinations, Georgieva said vaccine production capacity should be significantly scaled up for 2022 and beyond, and policymakers should consider insuring vaccine makers against the risks of overproduction. G20 countries should also step up support to vulnerable countries through additional concessional financing, while leveraging private finance through stronger risk-sharing instruments and continuing work on debt relief, Georgieva said.
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