GDP in most countries to recover to pre-pandemic levels by 2022: IMF
Gita Gopinath
The International Monetary Fund (IMF) assesses that most countries in the world will return to pre-coronavirus pandemic GDP levels by 2020, IMF Chief Economist Gita Gopinath said during a virtual briefing on Tuesday.
Also read | Coronavirus impact: IMF projects India’s GDP to contract 10.3% in 2020
"Most countries of the world we are seeing return back to the 2019 (GDP) levels by 2022," Gopinath told reporters.
Watch: IMF sees shallower recession, tough path back to full recovery
However, Gopinath noted that some regions in the world are expected to take longer to recover because they face different impacts from the novel coronavirus crisis.
"There are some regions in the world where it (the recovery) is projected to take even longer," Gopinath said.
The fund now forecasts world gross domestic product to shrink 4.4% this year, compared with the 5.2% drop seen in June, according to the latest World Economic Outlook released Tuesday. For 2021, the IMF sees growth of 5.2%, down from 5.4%. The report includes revisions to June’s forecasts and other historical data to reflect updated country weightings.
The contraction would still be the deepest since the Great Depression, with Covid-19 having killed more than 1 million people and shut down large swaths of business.
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“Recovery is not assured while the pandemic continues to spread," chief economist Gita Gopinath wrote in the report. “Economies everywhere face difficult paths back to pre-pandemic activity levels."
(With inputs from agencies)