IMF: Many nations will not recover to pre-pandemic levels until 2022 or 2023

The International Monetary Fund emphasized the unevenness of the recovery and said it expects many nations will not recover to pre-pandemic levels until 2022 or 2023.

The Organisation for Economic Co-operation and Development and the World Bank also warned of the recovery leaving some nations behind, given the lack of vaccines in many countries.

Data survey firm IHS Markit acknowledged COVID-19 flare-ups remain a risk to economic recovery in places where vaccination has proceeded slowly.

It added recovery constraints posed disruptions in the supply of certain goods, including semiconductors used in electronics and cars.

Its survey found “supplier delivery times lengthened in May to the greatest extent in survey history.” Supply disruptions are one reason behind a jump in prices.

The firm expects consumer price inflation to rise to 3.3 percent this year before dropping to 2.7 percent next year as supply conditions improve.

Source: https://news.cgtn.com/news/2021-06-22/World-economy-back-at-pre-pandemic-level-IHS-Markit-11idA9cBvva/index.html

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