Government spending is tied up with consumer and business spending. Not reporting it as part of GDP would breach global accounting standards.

The institution says the world economy continues to show “remarkable resilience.”

The meetings are being held in Morocco, still struggling to recover from a severe earthquake just a month ago. The contrast with the U.S. could not be more stark. The IMF says the U.S. is the only major economy where output has returned to pre-pandemic levels.

The IMF’s Gita Gopinath talks about the challenges facing the global economy as the world enters its third year of the COVID-19 pandemic.

The International Monetary Fund has raised its economic growth forecast for economies with relatively high vaccination rates and lowered it for those where rates are low.

Financial stimulus policies are driving economic growth, but not all economies are recovering at the same speed.

It may take years for much of the world to match the U.S. and China, where bigger vaccine rollouts have sped up economic recovery.

For the world’s poorest, the pandemic has exacerbated their situation.

That means fewer jobs and more debt. And the U.S. may be in for even worse.

Capital has fled emerging markets on a massive scale. Currencies are down, debt burdens are rising and people are falling into poverty.