IMF chief: 'World economy not out of the woods yet'published at 06:07 British Summer Time 16 July 2020
Despite showing some signs of recovery, the global economy is "not out of the woods yet", International Monetary Fund (IMF) chief Kristalina Georgieva has said.
In a message to G20 finance ministers, she said the economy faced continued challenges - including the possibility of a second wave of Covid-19 - encouraging governments to keep their support programs in place.
The IMF now expects global GDP to fall by 4.9% this year, and only a "tepid recovery is expected for next year".
The $11 trillion in stimulus provided by the G20 nations helped to prevent a worse outcome, but "these safety nets must be maintained as needed and, in some cases, expanded," Georgieva said in a blog post., external