It will be Difficult for Global Economy to Recover from Impact of COVID-19 till 2021: IMF

The International Monetary Fund (IMF) says that the global economy is finding it difficult to fully recover from the impact of COVID-19 even by the end of 2021. IMF Chief Economist Geeta Gopinath said that global growth is projected to be 5.8% in 2021 but it will not be a complete recovery.

The IMF had earlier said that the global economy is expected to fall by 3% this year. Businesses are closed due to the spread of COVID-19 worldwide. Economic activities have come to a standstill. Governments and central banks around the world are trying to get industries and common people out of this crisis.

Geeta Gopinath says that relief packages worth $ 8 trillion (600 lakh crores) have been announced worldwide. She says that the ratio of the amount of the relief package is not equal. The $ 7 trillion declarations have been made by the G-20 countries. Developing and emerging economies are more concerned about countries because they have limited financial resources.