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rdf:type	schema:NewsArticle
schema:articleBody	Europe faces more risks to its economic recovery due to Covid-19 variants and delays in vaccination campaigns that threaten to prolong the health crisis, the IMF said on Wednesday. That could create "social unrest and more medium-term scarring of economies if the crisis lingers," the International Monetary Fund warned, calling for more government support until the crisis has passed. "This is not a call for a package that boosts spending indiscriminately and permanently, but for a well-targeted and temporary shot in the arm of both demand and supply," said Alfred Kammer, director of the IMF's European department in a blog about the outlook. The IMF sees European growth of 4.5 percent this year, 0.2 points lower than the October forecast, followed by a 3.9 percent expansion in 2022, according to the latest Regional Economic Outlook. That would take the economy "back to its pre-pandemic level but not to the path expected before the pandemic." "Reflecting the periodic infection waves and the pace of vaccinations, the economic recovery in Europe is still halting and uneven," Kammer wrote. Additional spending of three percent of GDP through next year could lift GDP by about two percent by the end of 2022 and cut the impact of scarring by more than half, he said. "The costs would pale in comparison to the benefits," he added. The IMF forecasts assume vaccines will be "widely available" by mid-year, and Kammer said "the number one priority is to boost vaccine production." But policymakers "need to continue to provide emergency support to households and firms." The Washington-based crisis lender credited the "unprecedented lifelines" to workers with helping tens of millions, but said those funds should shift to retraining programs to help workers find jobs in emerging industries. "The faster the recovery, the less scarring people and businesses will suffer," the IMF said. On the upside, the fund notes the potentially large beneficial effects of the European Union's "Next Generation" plan. Dt-hs/ft
schema:headline	Europe needs more short-term aid to counter continued Covid risks: IMF
schema:mentions	Boeing 737 Next Generation International Monetary Fund Gross domestic product European Union Pandemic Coronavirus disease Vaccine United States Coronavirus disease 2019 Economic Outlook (OECD publication) Microsoft Outlook
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-04-14 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	positive sentiment
http://data.cimple...readability_score	76 (xsd:integer)

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