Comments from IMF leader Georgieva:
- Economic divergence, inflation and high debt levels post 'more pronounced' risks
- US and China remain vital engines of growth
- Italy and Europe are showing increasing momentum
- Growth is worsening elsewhere
- Advanced economies will return to pre-pandemic levels by 2022 but most emerging and developing countries will take 'many more years' to recover
- Inflation pressure to subside in most countries in 2022 but likely to continue in some emerging and developing economies
- Rich countries should increase delivery of covid-19 doses to developing world
She is painting an ugly picture for emerging markets. I tend to think commodity-exporting EMs can do well in this environment but those without abundant raw materials are in for a brutal few years.
