Positive vaccine news raises hopes but still a ways to go: IMF’s Gita Gopinath on world economy

Gita Gopinath, Chief Economist of the International Monetary Fund, tweeted a GDP data analysis on how the world economy after the positive announcement of two COVID-19 vaccines, Pfizer and Moderna.

On Monday, Moderna announced that their vaccine is 94.5% effective and some days before Pfizer also announced that their vaccine is 90% effective. On Tuesday, Gita Gopinath said the positive results of the COVID-19 vaccine raise new hopes but still a way to go and gave a GDP data analysis of eight countries in the third quarter of 2020.

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Gita Gopinath tweeted, “Positive vaccine news raises hopes but still a way to go. As of the 3rd quarter of 2020 GDP yet to return to pre-pandemic levels, with exception of China (+3.5%). Significant gaps remain as pandemic surges. US -3.5%, Germany -4.2%; France -4.1%; Spain -9.1%, Italy -4.5%.”

The graph mentioned countries like the United States, Germany, France, Spain, Italy, Korea, Mexico, and China, however, missed India.