World economy to lose $12.5 trillion in output by 2024 because of COVID-19: IMF Chief

Washington: The world economy will lose USD 12.5 trillion in output by 2024 due to the pandemic, the International Monetary Fund managing director said on Thursday.

"The world economy between now and 2024 is losing USD 12.5 trillion in output because of COVID," Kristalina Georgieva said.

"And we are going to actually update this number revising it upwards because of Omicron."

The global economy is projected to grow by only 4% in 2022 and 3.5% the following year after a strong recovery in 2021, a new United Nations' World Economic Situation and Prospects (WESP) 2022 report revealed last week.

The new waves of COVID-19 infections, persistent labor market challenges, supply-chain disruptions, and soaring inflation affect global economic recovery, the report said.

In light of the report's findings, UN Secretary-General Antonio Guterres said the global community needs to develop targeted, coordinated measures to close inequality gaps among nations.