Global economic activity is gaining momentum after an unprecedented decline this year due to the COVID-19 pandemic, but the second wave of infection could trigger even more disruptions, Reuters reported referring to IMF head Kristalina Georgieva.

Georgieva said that budgetary spending on measures aimed at containing the pandemic and mitigating its economic impact is increasing the already high level of debt, but it is too early to start giving up the necessary insurance for the economy.

"We are not out of the woods yet," she noted.