The International Monetary Fund warned the global economy is in a weaker position entering this year than previously expected due largely to the ongoing disruptions spurred by the pandemic
likelihood that President Joe Biden will pass his $1.2 trillion social spending package, dubbed Build Back Better.
In China, an embattled real estate sector and a zero-tolerance Covid policy have induced a 0.8 percentage point downgrade, from 5.6% to 4.8%. "The most pressing health risk" is still the impact of the omicron variant, the researchers warned, adding that low vaccination rates in many countries risk further new variants that could spur additional mobility restrictions, which could pull growth forecasts down further.
IMF Deputy Managing Director Gita Gopinath estimated the total economic losses stemming from the pandemic at nearly $13.8 trillion—roughly equivalent to the annual gross domestic product in China, the world's second-largest economy."The last two years reaffirm that this crisis and the ongoing recovery is like no other," Gopinath said Tuesday.
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