Att: IMF upgrades UK economic forecast

           According to Andrew Walker(2021) in “IMF upgrades UK economic forecast”, the IMF, International Monetary Fund, said the world is increasingly divided into two divisions, a rich division and a poor division. The first factor is capability to access  covid  vaccines. The IMF’s report says that the rich division, consisting of developed countries, has increasing economic growth. In rich countries, 40% of the population is fully vaccinated. For example, for the UK, one of the developed countries, the forecast revision of economic growth in 2021 is 7%, which is 1% higher than the global average. The UK's Chancellor, Rishi Sunak, said the next focus of the UK is protecting and creating jobs. On the other hand in developing countries, less than 20% of the population is fully vaccinated and very few people are vaccinated in low income countries.  The report says those will still face infection and death by covid 19. Although economic growth of rich countries in 2021 is increasing, the global economy is still unchanged because the rest of the world is decreasing. Another factor which divides the world is how the government supports economic recovery. The IMF says international action must prioritize equitably deploying vaccines worldwide because a country with a low inflection level cannot maintain economic recovery rate if viruses still break out anywhere. Moreover, inflation in most countries is decreasing to ranges before the pandemic until next year. If people and businesses still lift the prices and wages it will continue further.

Reference 

Walker, A. (2021, July 28). IMF upgrades UK economic forecast. BBC. https://www.bbc.com/news/business-57987091