The head of the International Monetary Fund has made a statement on the global economic recovery which is currently happening in various other countries in the last couple of months. Kristalina Georgieva stated that the economy is recovering in a much better phase than whats it’s predicted before. Many countries have shown positive growth in their GDP than previous quarter results. It looks like the memorandum implemented by many countries around the globe has supported the manufacturing companies to kick start their production process and deliver a positive result.
It looks like the United States of America has performed much better than its previous quarter where the majority of the product-based companies have kick-started their production using their various strategies and other implementations. During the virtual meeting which happened between the head and 20 economies, it’s stated that the information about the significant progress on the vaccines has provided hope for many institutions and other manufacturing sectors to carry out their work in developing products at the proper interval of time. It’s said that “hopes of vanquishing the virus that has taken more than a million lives and caused tens of millions of job losses”.
It’s expected that the G-20 virtual leader’s summit which is planned to happen this week will bring in some of the effective changes that have to be followed to prevent the citizens from getting infected with the deadly virus. Saudi Arabia is conducting this summit between many world countries which is aimed to bring in changes and support economical conditions around the world. Saudi Arabia is the head of the G-20 summit happening this year is expected to bring in efforts to stabilize the global economy. This is one of the most expected key factors that many countries are looking forward to during the virtual meeting sessions.
IMF forecast released a press statement last year that the global economy will be shrinking up to 4.4% during this current year. It looks like the economy might take quite some time for reaching the same point where it was during the start of this current year. It looks like global growth rebounding by 5.2% next year, many world financial institutions have expected that there might slight oscillations in the economy during the start of next year which might pull the world countries to spend millions of dollars in restructuring the nation’s economy. Even though many medical institutions have shown a positive sign in developing vaccines to present corona, it takes some time for reaching the common people.
It looks like the second wave of the deadly virus might strike many countries causing severe damage. She added that “growth will be lower, public debt higher and the scars on the long-term potential of the economy more severe.” Already millions of people around the world are unemployed due to the lockdown which has fired millions of people to stay indoors. It clearly indicated that the economy might be taking a U curve reaching the old heights and there are fewer chances for the V curve which is mostly expected by the common people. G-20 summit has economic superpower nations like German, the US, Italy, Japan, the UK, and also along with these countries it also has developing countries like China and India.