IMF to issue downbeat outlook over ‘stagflation’
Weaker global growth, vaccine protectionism and the specter of 1970s-style inflation are haunting large economies. As the IMF prepares for its annual gathering this week, the contrast with the spring could not be starker.
In April, at the Washington-based fund’s previous virtual meeting, there were sharp upgrades for global growth amid a sense of optimism for the road ahead, led by stronger-than-expected recoveries in the US, the UK and other advanced economies.
Vaccines were expected to pave the way for the swift unlocking of COVID-19 pandemic restrictions, fueling a rapid recovery from the worst global recession since the 1930s Great Depression.