WASHINGTON (BLOOMBERG) - The world's ability to check the coronavirus contagion and fully recover from the worst peacetime recession since the Great Depression may depend on what international economic policy makers decide this week.. Read more at straitstimes.com.
WASHINGTON - The world's ability to check the coronavirus contagion and fully recover from the worst peacetime recession since the Great Depression may depend on what international economic policy makers decide this week.
A lack of forceful action could set the stage for damaging debt defaults and throw a roadblock in the way of any sort of robust recovery of the world economy. The dollar's surge has been particularly painful for countries that ran up borrowing in greenbacks and which will now struggle to cover the loans, especially as their exports tumble.
The problem is even more acute in the poorest nations, where many denizens can't easily practice the social distancing and regular hand washing that has become de-rigueur in rich countries. While the IMF says it has a US$1 trillion war chest, Ted Truman of the Peterson Institute for International Economics calculates that the maximum amount available for new lending is US$787 billion, after taking into account existing commitments and other factors."The IMF will need more" from the US and the rest of the G20, he said.The crisis has exposed a gaping hole at the centre of the global economy.
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