2021 IFF: Global Economy to Grow 5.9% in 2021 Due to Fiscal Stimulus and Monetary Accommodation amid Pandemic
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GUANGZHOU, China, Dec. 4, 2021 /PRNewswire=KYODO JBN/--
International Finance Forum (IFF) ( http://www.iff.org.cn/php/list.php?tid=240) today
released its first "IFF Global Finance and Development Report," aimed
to analyze, outline and forecast global economic outlook, risks and policy
priorities. The report shows that the global economy has seen a rebound thanks
to expanding vaccination coverage, continued fiscal stimulus and monetary
accommodation.
Specifically, IFF estimates that the global economy is forecast to grow 5.9%
this year, recovering to a pre-pandemic 2019 level. The global economy staged a
strong rebound in the first half of this year, but the growth momentum has
softened in the second, as outbreaks of the more contagious delta variant
occurred in many parts of the world. The recovery remains on track, though the
pace has continued to vary from one country to another.
However, the strong recovery has caused prices to rise in many countries.
Global consumer price inflation is projected to reach 4.5% this year, and to
moderate to 3.8% in 2022, as demand-supply gaps narrow, according to IFF
estimates.
"Despite the momentum of the global economic recovery, there are still
significant downside risks in the coming year," said Zhuang Juzhong, chief
economist of IFF and a former deputy chief economist of the Asian Development
Bank. "Slower-than-expected vaccine rollout, especially in the developing
world, and more virus mutations could lead to resurgences of outbreaks
worldwide, causing governments to reimpose strict containment measures thus
slowing down growth."
In 2022, the global economy is projected to grow 4.7%, as supported by ongoing
fiscal and monetary policies with expanding vaccination coverage, the IFF
report shows. However, higher and more persistent inflation could prompt abrupt
adjustments in the direction of monetary policy in advanced countries, IFF
warned, adding that geopolitical tensions could also take a toll on the
recovery.
IFF also pointed out in the report that the pandemic is leaving lasting scars
on social and human development worldwide, as it has disrupted the global fight
against extreme poverty and increased income inequality.
To address ongoing issues and ensure a stable outlook, IFF urged that the
international community should work together to expedite vaccine uptake, ensure
the stability of monetary policies, eliminate trade tensions, boost green
finance development and accelerate support for low-income nations.
For the full report, please visit:
http://iff.org.cn/uploads/2021GAM/GFAD-report20211202.pdf
SOURCE: International Finance Forum (IFF)
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