The International Monetary Fund anticipates a global recession this year. It is expected to be as bad as the decline during the global financial crisis of 2008-2009. The IMF expects world economic output to make a recovery in 2021.
To achieve this, the fund notes that it is important to prioritize containment and strengthen health systems worldwide. It states the severity of the pandemic’s economic impact, but the faster the virus stops, the quicker and stronger the recovery.
The statement was issued after a conference call of G20 Finance Ministers and Central Bank Governors. The IMF’s Managing Director, Kristalina Georgieva urged countries to work together to protect people and limit economic damage. She applauds the fiscal actions many countries have already taken to boost health systems and protect affected workers and firms. Also, she praised the moves of major central banks to ease monetary policy. Describing them as bold efforts, not only in the interest of each country but of the global economy.
Furthermore, she advised that even more efforts will be needed, especially on the fiscal front. Mrs Georgieva revealed the IMF’s focus on bilateral and multilateral surveillance on the crisis. Moreso, the IMF has put in place corresponding policy actions to moderate the pandemic’s impact. Additionally, the Fund will massively step up emergency finance. Not to mention, working closely with the other international financial institutions to provide a strong coordinated response.
Finally, she urged member countries to stand together through this emergency to support all people across the world.
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