The global growth forecast remained unchanged at 6% for the calendar 2021 as upgrades in the developed world were offset by downgrades in several countries that experienced renewed waves, notably India.
“Growth prospects in India have been downgraded following the severe second COVID wave during March–May and expected slow recovery in confidence from that setback,” the IMF said in its latest edition of World Economic Outlook released Tuesday.
The forecast for FY23 has been raised to 8.5%, an upgrade of 1.6 percentage points.
The report said fault lines have widened in the global recovery as vaccine access split the world into two blocks with those having access likely to see further normalisation of activity while others may face resurgent infection and death.
The advanced economies, which…