Economic crisis in wake of the pandemic
Economic crisis in wake of the pandemiciStock

According to the International Monetary Fund (IMF), global vaccine campaigns and government aid spending will work to supercharge global growth to a modern record in 2021.

If the organization’s forecast of six percent global growth holds true, the bounce back from last year’s pandemic influenced deep recession will set a modern record, the quickest global economic recovery since 1980, reported the Associated Press.

On Tuesday the IMF, which represents 190-countries, issued the prediction, which is up from the 5.5 percent it previously forecasted in January.

The IMF is also forecasting an international growth rate of 4.4 percent for 2022, up from its January number of 4.2 percent.

According to AP, IMF economists estimated that the world’s economy shrunk 3.3 percent in 2020 during the pandemic-induced recession. The number is a historic low in the IMF’s records, although slightly less troubling than the 3.5 percent it had previously estimated.

Without the heavy economic intervention into national economies by governments that aided businesses and consumers during the lockdowns, the IMF estimated that the recession of 2020 would have been significantly worse.

The American economy, according to predictions, is expected to expand at a rapid pace, growing 6.4 percent in 2021. The figure, if proven correct, would be the fastest American growth since 1984.