Today, the IMF released its flagship World Economic Outlook report where it reveals that global growth is expected to slow down from 5.9% to 4.4% in 2022, and warns that the divergence between advanced economies and emerging markets and developing countries will persist. In response to the new analysis, Amy Dodd, Policy Director at the ONE Campaign, said:

“These latest economic projections are another stark reminder that the global economic recovery is worryingly fragile and inextricably interlinked to the pandemic response. The continued divergence is particularly concerning, but it can be stopped if governments commit to a truly global response to tackle the economic crisis and pandemic aftershocks.

“To the IMF’s credit, the $650 billion in Special Drawing Rights was a historic moment, but the reality is that we are only approximately halfway in meeting the global ambition of channelling $100 billion required to support the most vulnerable countries. A crisis of this scale demands more ambitious action, and time has arguably run out.

“We need to see a more robust and comprehensive economic response package, underpinned by a commitment to recycling SDRs, and fixing the Common Framework to accelerate debt restructuring and suspend debt service while negotiations are taking place to stop the most vulnerable from continuing to bear the brunt of the pandemic.”