Speech

Remarks by IMF Deputy Managing Director Bo Li at the 2022 ECOSOC Coordination Segment

February 3, 2022

Let me start with deep thanks to Your Excellency, Ambassador Chindawongse for your leadership in ECOSOC and for chairing this vital meeting. It is an honor to join you and distinguished colleagues and representatives here today.

Today, the global recovery from a “crisis like no other” continues -- but it has been disrupted. Momentum is slowing. Policymakers face an “obstacle course” of challenges -- including the Omicron variant, supply chain disruptions, rising inflation and record debt.

Our World Economic Outlook Update forecast global growth at 4.4 percent in 2022, half a percentage point lower than we forecasted last October. And inflation is revised higher, with price pressures more broad-based and expected to persist for longer.

We have a pandemic that we are now estimating will cost the global economy $13.8 trillion by 2024.

Even as recoveries continue, the deeply worrisome divergence in prospects across countries persists.

So what can we, the international community, do to foster recovery now – and ensure that recovery is resilient and inclusive over the long term?  We see three priorities.

1. Accelerate vaccination.

As of now, only 4 percent of the population of low-income countries is fully vaccinated compared with 70 percent in high-income countries.

2. Pave the way for a transformational recovery.

This includes our work to develop a new Resilience and Sustainability Trust to help low-income and vulnerable middle-income countries address longer-term structural challenges that have significant macroeconomic implications.

3. Ensure a fair transition that promotes inclusive growth.

The IMF is engaging partners to enhance our advice and other services, including on climate, social protection, and fragile and conflict affected states, where partnerships with the UN and other partners will be critical to implementing our new strategy.

Let me conclude by expressing my appreciation for the growing collaboration between the IMF and the UN -- from our close cooperation with the WHO, WTO, and World Bank on our IMF staff proposal to end the pandemic, to our joint work with the UNDP and UN Women on gender-responsive policies and budgeting. We look forward to continuing our vital cooperation.

Thank you.