Countries across the world have started reopening their economies despite the rising number of cases in hopes of a quick recovery from the pandemic.
Global recovery from the pandemic, however, seems very uncertain as it has caused an uneven impact on various sectors and countries.
Konstantina Beleli, economist, shared forecasts made by the International Monetary Fund (IMF) about an uneven and uncertain recovery from the Covid-19 pandemic as 75% of countries start to lift lockdown restrictions.
The IMF forecasts that the global economy will witness a deeper contraction of 4.9% and an uneven recovery as different countries and sectors were impacted at different levels by the pandemic.
The global impact of the pandemic is impacting export-dependent economies, while trade tensions are further compounding the recovery of global trade.
Policy makers should watch the situation as it evolves and provide sufficient fiscal and monetary support, the article adds.
In other news, a survey of Australian economists points to a weak ‘W shaped’ recovery and declining living standards in their country.