IMF upgraded yesterday its growth projections for the world economy for the 2nd time this year. IMF economists now believe the global economy will grow by 6%, up from the 5.5% estimated in January, the highest in four decades. For 2022, they believe the global economy will still grow at a healthy 4.4%. What they highlight is not only he divergence in recovery between advanced and emerging economies but also the divergence in recovery amongst advanced economies. Here the gap between Europe and the US has been building and is now at the highest in 21 years. This gap has been growing during each crisis since 2000 !
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