MNI BRIEF: Outlook Less Dire, Calamity 'Far From Over' - IMF

IMF Managing Director Kristalina Georgieva said Tuesday the global economy still faces a "partial and uneven recovery" in 2021 even with evidence this year's historic plunge in GDP will be "less dire" than a -4.9% projection made in June. Downside risks dominate amid the Covid-19 pandemic including corporate bankruptcies, "stretched valuations in financial markets," and public debt heading to a record of about 100% of GDP this year.

"The global economy is coming back from the depths of the crisis," she said in a speech. "But this calamity is far from over. All countries are now facing what I would call 'The Long Ascent' -- a difficult climb that will be long, uneven, and uncertain. And prone to setbacks."