Washington, Oct 12 (Bureau) The International Monetary Fund (IMF) downgraded the forecast for the global GDP growth in 2021 to 5.9 percent from July’s 6 percent estimate, according to the fresh World Economic Outlook. The 2022 growth forecast remains unchanged at 4.9 percent. “Compared to our July forecast, the global growth projection for 2021 has been revised down marginally to 5.9 percent and is unchanged for 2022 at 4.9 percent. This modest headline revision, however, masks large downgrades for some countries. The outlook for the low-income developing country group has darkened considerably due to worsening pandemic dynamics. The downgrade also reflects more difficult near-term prospects for the advanced economy group, in part due to supply disruptions,” the IMF said.
About 58 percent of the population in advanced economies has been fully vaccinated, compared to 36 percent in emerging market economies and 5 percent in low-income developing countries, the IMF added. According to the IMF, the global GDP saw a 3.1 percent decline in 2020, compared to July’s 3.2 percent expectations.