IMF: global economy recovering from pandemic

International Monetary Fund’s steering committee on Thursday said the global economy is recovering faster than expected from the COVID-19 crisis, but warned that a spike in interest rates could be especially painful for emerging economies.

In its communique, the International Monetary and Financial Committee (IMFC) stressed the importance of accelerating distribution of COVID-19 vaccines around the world, and pledged to strengthen international cooperation, Reuters reported.

"Elevated financial vulnerabilities could pose risks, should global financial conditions tighten swiftly," the 24-member committee said. "The crisis may cause extended scarring and exacerbate poverty and inequalities, while climate change and other shared challenges are becoming more pressing."