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Dec 8, 2023 ·

In a recent article by the Financial Times, it was revealed that the global economy is on course to achieve its strongest growth rate since 2010 despite the ongoing pandemic. The news was welcomed by the International Monetary Fund's (IMF) chief economist Gita Gopinath as a sign of optimism for global economic recovery.

According to the IMF, the estimated world gross domestic product (GDP) growth rate for 2021 is 5.2%, which is significantly higher than the 3.3% forecasted in October 2020. This growth is being driven by a combination of strong fiscal and monetary policy support from various governments around the globe, along with an expected rebound in private consumption due to increased savings during the pandemic.

Gopinath noted that the world economy is now showing signs of recovery in 2021, although it is still 7.8% below pre-pandemic levels. She also predicted that emerging economies will be faster in their recovery, as they often are, but developed economies may still face some headwinds due to the lack of continued government support.

The article went on to mention that there are still many risks to the global economic recovery, including levels of debt, weak labor markets, poverty and inequality, and the potential spread of variants of the coronavirus. Gopinath encouraged policymakers to take action to address these issues and reminded them that this recovery must reach all individuals and communities.

Overall, the outlook of the global economy remains positive, with a projected growth rate higher than expected. This news is welcomed by many, who are hopeful that this is a sign of things to come in 2021. However, it is important to note that further government support is needed, especially in terms of addressing the long-term problems such as poverty and inequality. It is only when these issues are addressed that the world economy can be truly recovered.