'He's in our hearts': Family and friends still seek answers one year after Nathan Wise’s disappearance
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
The International Monetary Fund is sharply upgrading its economic outlook this year for the world's wealthy countries, especially the United States, as COVID-19 vaccinations help sustain solid rebounds from the pandemic recession. But the 190-country lending agency has downgraded its forecast for poorer countries, most of which are struggling to vaccinate.
Overall, the IMF said Tuesday that it expects the global economy to expand 6% this year -- a dramatic bounce-back from the 3.2% contraction in the pandemic year of 2020. The IMF's forecast, unchanged from its previous estimate in April, would mark the fastest calendar-year global growth in records dating to 1980.
Beneath the worldwide number, however, a gap between the vaccine haves and have-nots is widening. The IMF expects advanced economies to grow 5.6% this year, an upgrade from the 5.1% it forecast in April, fueled by the swift recovery of consumers and businesses. But it downgraded its 2021 forecast for emerging market and developing countries to 6.3% from its April forecast of 6.7%.
Gita Gopinath, the IMF's chief economist, told reporters Tuesday that more needs to be done to supply vaccines to poorer nations that lag far behind wealthier nations.
"The recovery is not assured until the pandemic is beaten back globally," Gopinath said. She asked that wealthy nations quickly fulfill their pledges to supply 1 billion does of the vaccine to developing nations.
"Concerted, well-directed policy actions ... can make the difference between a future where all economies experience durable recoveries or one where divergence is intensified, the poor get poorer and social unrest and geo-political tensions grow.," she said.
Advanced economies, in which close to 40% of the population has been vaccinated, are largely reopening after last year's COVID-19 lockdowns. But in developing and emerging market countries, the vaccination rate is just 11%. Moreover, the governments of poorer countries cannot match the outpouring of government spending that rich countries have been using to propel their economic recoveries.
The United States is expected to register 7% growth this year, a sharp reversal from last year's 3.5% drop and an upgrade from the 6.4% growth the IMF had forecast for 2021 back in April.
President Joe Biden's ambitious spending plans are expected to fuel growth this year and next. The IMF predicts that the U.S. economy will grow 4.9% in 2022, up from the 3.5% it projected three months ago.
The 19 European countries that share the euro currency are forecast to grow 4.6% collectively this year, versus last year's 6.5% contraction. Japan, which endured a 4.7% drop in economic growth in 2020, is expected to expand 2.8% this year. But the 2021 forecast for Japan marks a downgrade from what the IMF expected in April, reflecting a resurgence of COVID-19 cases earlier this year.
In the developing world, the outlook for China, the world's second-largest economy after the United States, was marked down to 8.1% after the government scaled back spending and investment. The IMF also slashed its growth forecast for India to 9.5% from 12.5% three months ago after the country was overwhelmed by COVID cases.
Despite the brighter outlook for major economies, the outlook across the world has been clouded by uncertainty over the delta variant of the coronavirus and the uneven progress of vaccination campaigns.
In the update to its World Economic Outlook, the IMF expressed concern that any major resurgence of inflation would pressure the world's central banks into raising interest rates and thereby threatening the global recovery. Still, it expects inflation to return to pre-pandemic levels in most countries next year.
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
Dozens of Ontarians are expressing frustration in the province’s health-care system after their family doctors either dropped them as patients or threatened to after they sought urgent care elsewhere.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
Amazon's paid subscription service provides free delivery for online shopping across Canada except for remote locations, the company said in an email. While customers in Iqaluit qualify for the offer, all other communities in Nunavut are excluded.
The fire burning near Fort McMurray grew from 25 hectares to 5,500 hectares over the weekend.
Russia’s President Vladimir Putin began a Cabinet shakeup on Sunday, proposing the replacement of Sergei Shoigu as defence minister as he begins his fifth term in office.
Police are searching for a suspect in a homicide investigation after a man was slashed in downtown Toronto on Sunday.
There were some scary moments for several people on a northern Ontario highway caught on video Thursday after a chain reaction following a truck fire.
Health Canada announced various product recalls this week, including electric adapters, armchairs, cannabis edibles and vehicle components.
English, history, entertainment, math and geography: high school trivia teams could be quizzed on any of it when they compete at the Reach for the Top Nationals in Ottawa in June.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
The threat of zebra mussels has prompted the federal government to temporarily ban watercraft from a Manitoba lake popular with tourists.
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
Just as she had feared, a restaurant owner from eastern Quebec who visited Montreal had her SUV stolen, but says it was all thanks to the kindness of strangers on the internet — not the police — that she got it back.