Kristalina Georgieva, the Managing Director of International Monetary Fund, said during an online event said that "The global economy is coming back from the depths of this crisis. But this calamity is far from over. All countries are now facing what I would call 'the long ascent' - a difficult climb that will be long, uneven, and uncertain. And prone to setbacks," she added ahead of the next week's IMF and World Bank annual meetings.

"Since the Great Depression of the 1930s, the IMF in June forecasted the sharpest contraction in the global gross domestic product by 4.9% due to the coronavirus-related shutdowns. This necessitates more policy support from governments and central banks. The revised forecast will be published next week as member countries participate in the meetings, mostly online. Georgieva said the IMF was continuing to focus on a partial and uneven recovery in 2021. In June, it forecast 2021 global growth of 5.4 percent. Advanced economies including the United States and the eurozone, escaped the worst damage of the pandemic due to $12 trillion fiscal support, coupled with unprecedented monetary easing and some business sectors are still in operation amid pandemic", she added.

This provided a positive hope for the economies, but Georgieva necessitates countries to keep up support for their economies, and warns the global growth would stay subdued for the medium term and the risk of severe economic scarring was high."We are very clear in the message, we are communicating to not withdraw support prematurely," Georgieva said. "If we do so, then we risk massive bankruptcies and massive unemployment."

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