GUANGZHOU, China, Dec. 3, 2021 /PRNewswire/ — International Finance Forum (IFF) today released its first “IFF Global Finance and Development Report,” aimed to analyze, outline and forecast global economic outlook, risks and policy priorities. The report shows that the global economy has seen a rebound thanks to expanding vaccination coverage, continued fiscal stimulus and monetary accommodation.
Specifically, IFF estimates that the global economy is forecast to grow 5.9% this year, recovering to a pre-pandemic 2019 level. The global economy staged a strong rebound in the first half of this year, but the growth momentum has softened in the second, as outbreaks of the more contagious delta variant occurred in many parts of the world. The recovery remains on track, though the pace has continued to vary from one country to another.
However, the strong recovery has caused prices to rise in many countries. Global consumer price inflation is projected to reach 4.5% this year, and to moderate to 3.8% in 2022, as demand-supply gaps narrow, according to IFF estimates.
“Despite the momentum of the global economic recovery, there are still significant downside risks in the coming year,” said Zhuang Juzhong, chief economist of IFF and a former deputy chief economist of the Asian Development Bank. “Slower-than-expected vaccine rollout, especially in the developing world, and more virus mutations could lead to resurgences of outbreaks worldwide, causing governments to…
