International Monetary Fund revises upward global economic outlook

Stores Reopen Under Strict Conditions As Lockdown Measures Ease

Global growth is projected to settle at 3.3% in the medium term due to damage inflicted on supply potential and factors that pre-date the pandemic such as ageing (which has resulted in slower labour force growth in advanced economics and some emerging markets).

Yellen is among the many finance ministers and central bank governors that will be convening virtually this week as part of the IMF's annual spring meetings.

The multilateral institution upwardly revised the growth outlook for South Africa from 2.8% to 3.1%.

Data published by Statistics South Africa in March showed that South Africa's economy contracted by 7% past year. The US economy is now estimated to grow 6.4% in 2021 and broadly outpace other developed nations.

Euro-area GDP growth received a modest upgrade to 4.4% while forecasts for the United Kingdom and Canada were revised higher as well. The SARB started keeping records in 1912.

The IMF said it expects the global economy to grow by 6% this year, up from its 5.5% forecast in January.

Further commenting on the unemployment ratio in the country, the International Monetary Fund report highlighted that joblessness would remain around five percent in the country this fiscal year and would follow a declining trend in 2022 to remain at 4.8 percent. They are expected to accelerate to 6.1% growth in 2022.

The sub-Saharan Africa region - which includes Ghana, Kenya, South Africa and Nigeria - continues to feel the pandemic's impacts. The world output contracted 3.3 per cent in 2020.

"Tourism-reliant economies will likely be the most affected", the report read.

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However, services trade "remains subdued", the IMF said, with global travel at a near standstill since March 2020, causing particularly large losses in tourism-dependent countries.

The US economy this year will join China in regaining a level of gross domestic product that exceeds where it stood before the pandemic struck just over a year ago, the International Monetary Fund said. While every adult in the United States is expected to have access to the vaccine this summer, people in other countries could be waiting until the end of next year, or longer.

The IMF says the divergences are occurring not just between but also within countries. Such losses were reversing gains in poverty reduction, with an additional 95 million people expected to have entered the ranks of the extreme poor in 2020 when compared with pre-pandemic projections. It also warned that growth in the coming expansion may be unevenly spread, with developing economies expected to have bigger losses and slower recoveries. "Unequal setbacks to schooling could further amplify income inequality".

The IMF suggested that policymakers prioritise prudent policies in the face of uncertainty.

These divergent recovery paths were likely to create wider gaps in living standards across countries when compared with pre-pandemic expectations.

"Governments will need to build back the fiscal positions after this crisis".

The International Monetary Fund (IMF) says it backs a USA proposal for a global minimum corporate tax.

"Faster progress in vaccinations can uplift the forecast, while a more prolonged pandemic with virus variants and delayed vaccines can lead to a sharp downgrade", said Gopinath.

The first two of these are particular issues for developing countries.

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