The pandemic sweeping the world will turn global economic growth 'sharply negative' in 2020, triggering the worst fallout since the 1930s Great ...
WASHINGTON: The pandemic sweeping the world will turn global economic growth"sharply negative" in 2020, triggering the worst fallout since the 1930s Great Depression, with only a partial recovery seen in 2021, the head of the International Monetary Fund said.
"Today, that number has been turned on its head: We now project that over 170 countries will experience negative per capita income growth this year." The novel coronavirus that emerged in China in December has raced around the globe, infecting 1.41 million people and killing 83,400, according to a Reuters tally.
With commodity prices down sharply, emerging market and developing countries would need trillions of dollars to fight the pandemic and rescue their economies, she said. To ensure a future recovery, Georgieva called for continued efforts to contain the virus and support health systems, while averting export controls that could slow the flow of vital medical equipment and food.It was critical to provide affected people and companies with"large, timely and targeted" measures such as wage subsidies, extended unemployment benefits and adjusted loan terms, while reducing stress to the financial system.
The IMF was created for times like these, and stood ready to deploy its US$1 trillion in lending capacity, Georgieva said.
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