WASHINGTON, April 7. /TASS/. Head of the International Monetary Fund (IMF) Kristalina Georgieva began her press conference on Wednesday with a quote from the novel Anna Karenina by Russian writer Leo Tolstoy (1828-1910). The press conference was held in the framework of the spring session of the governing bodies of the IMF and the World Bank (WB).
"All the variety of life is made up of light and shadow": Tolstoy's words describe so well the world economy today. The good news is that there is light at the end of the tunnel. After the worst global recession since the second world war, the recovery is underway," Georgieva said.
She recalled that the IMF predicts a steady growth in global GDP of 6% this year and 4.4% in 2022 after the economic crisis caused by the pandemic. The head of the IMF reiterated that "exceptional and coordinated actions taken over the past year."
"Without these fiscal and monetary measures, the global contraction last year would have been three times worse--this could have been another Great Depression," she noted.
"And yet, while there is light, the crisis continues to cast a dark shadow," Georgieva went on.
"Economic fortunes are diverging dangerously. A small number of advanced and emerging market economies, led by the U.S. and China, are powering ahead--weaker and poorer countries are falling behind in this multi-speed recovery," the IMF head stated.
"We also face extremely high uncertainty, especially over the impact of new virus strains and potential shifts in financial conditions. And there is the risk of further economic scarring from job losses, learning losses, bankruptcies, extreme poverty and hunger," she added.
In previous years, Georgieva, who is fluent in Russian, also opened her press conferences citing Russian classics such as writer Fyodor Dostoyevsky and poet Alexander Pushkin.