As the International Monetary Fund (IMF) forecasts that the widespread use of COVID-19 vaccines will lead to greater economic recovery this year, they now project the global economy to grow 5.2%. The IMF also raised their projected growth for the U.S. from 3.1% to 5.1%. Research fellow at the Heritage Foundation, Joel Griffith, joins to talk more about the economic outlook in the U.S. and globally. Although it is good news that the projections have increased, the IMF was quick to point out that the forecast is still subject to uncertainty, with a lot depending on what happens with the coronavirus. With 90 million people globally expected to fall into extreme poverty, wiping out two decades of progress, Griffith discusses how that gets rebuilt. He also shares his thoughts on President Joe Biden’s proposal of a new $1.9 trillion dollar economic relief package. The research fellow explains what the way forward is for Americans, amidst the U.S. having recorded it sharpest spike in the poverty rate since the 1960s, with African Americans being hit the hardest. He gives his insight on how we can turn this around.
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