Economy in general: Economy: News: Hankyoreh Mobile

The International Monetary Fund (IMF) believes that the global economy will recover faster than expected this year, and raised its growth rate forecast this year by 0.5 percentage points from three months ago. Korea maintained the 3.6% growth rate it announced at its annual meeting last month. In the World Economic Outlook (WEO) report released on the 6th (local time), the International Monetary Fund presented a forecast for the global economic growth rate of 6% this year. It increased 0.5 percentage points from 5.5% announced in the revised report on the global economic outlook in January. The growth rate in 2022 is expected to be 4.4%, up 0.2 percentage points from the forecast three months ago. The growth rate of developed countries this year is projected to be 5.1%, up 0.8 percentage points from January, reflecting the effects of the US and Japan’s stimulus measures. Emerging and developing countries projected to 6.7%, up 0.4 percentage points from January, reflecting the growth of India. In an annual consultation with the Korean government on the 26th of last month, Korea predicted that this year’s additional budget was adjusted to 3.6%, up 0.5 percentage points from January, and the same level was maintained in this report. The International Monetary Fund’s global growth rate forecast is 0.4 percentage points higher than last month’s estimate of the Organization for Economic Cooperation and Development (OECD) (5.6%). The International Monetary Fund explained that it is because vaccinations are expanding worldwide as a reason for the upward adjustment of the growth rate, and major countries such as the United States have implemented additional fiscal expansion policies to recover the economy, which will strengthen the momentum of economic recovery after the second half of the year. It was assessed that countries are adapting to new ways of economic activity despite the decrease in the amount of movement. However, economic recovery appears unevenly across countries depending on the speed of vaccination and the degree of policy support, and it is predicted that it will remain under the growth path before Corona 19. He also mentioned the uncertainty of the spread of Corona 19 as a risk factor for the global economy, increased social unrest, and continued scarring caused by the coronavirus. The International Monetary Fund recommended that “international cooperation for vaccine production and distribution should be strengthened, and selective support should be maintained for the victims.” It also said that the re-education of the unemployed should be continued and investments to bridge the education gap should be strengthened. The Ministry of Strategy and Finance issued a reference material on this day, saying, “Our biggest export destinations, the United States and China, show a solid growth trend, which will further strengthen the export recovery.” “This year, we will be able to exceed the level of gross domestic product before the Corona 19 crisis. I look forward to it.” By Lee Kyung-mi, staff reporter