One reason for the unequal recovery is the “great vaccination divide”
. Eight meetings later the board said the evidence “did not conclusively demonstrate” that Ms Georgieva had acted improperly, and that it had “full confidence” in her.A daily newsletter with the best of our journalismWith her own future settled, Ms Georgieva may hope to draw attention to the prospects for the world economy instead.
Over the longer term, the economic recovery is projected to remain grossly uneven. That, the fund argues, reflects two things. The first is the “great vaccination divide”. Nearly 60% of people in the rich world have been fully vaccinated against covid-19, allowing life there to start returning to normal, compared with only 36% in emerging economies and barely 5% in the poorest countries. That inequality is reinforced by the second factor: variations in fiscal largesse.
The result will be a two-speed global economy. Output in the rich world is expected to return to its pre-pandemic trend by next year, and then to rise slightly above it. For the rest of the world, however,is expected to remain well below trend at least until 2025. The scars of the pandemic-induced downturn will not heal for some time.
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