The strength of the global economic recovery from the COVID-19 pandemic depends on who wins the “race between a mutating virus and the vaccines,” Kristalina Georgieva, managing director of the International Monetary Fund (IMF), warned Tuesday. Speaking by video link to the virtual World Economic Forum in Davos, she said the IMF had forecast global growth to reach 5.5% this year, after contracting by an estimated 3.3% in 2020. “It’s in everyone’s interest … that we invest in infrastructure, international networks and globalization for the developing world.”That view was echoed by Germany’s Economy Minister Peter Altmaier, who predicted the emerging markets recovery could take up to two years. New taxes to meet the huge cost of the pandemic, as well as economic stimulus measures, could stimy the recovery, world leaders warned. “The winners of this economic crisis are the digital giants,” Le Maire said, referring to how lockdowns have helped tech firms’ profits.

Source: Indian Express January 27, 2021 11:26 UTC