WASHINGTON: The global coronavirus pandemic has inflicted an economic crisis unlike any in the past century and will require a massive response to ...
WASHINGTON: The global coronavirus pandemic has inflicted an economic crisis unlike any in the past century and will require a massive response to ensure recovery, IMF chief Kristalina Georgieva said on Thursday .
Just a few months ago, the fund was expecting 160 countries to see rising per capita income, she said in a speech previewing next week's spring meetings of the IMF and World Bank, which will be held virtually due to the restrictions imposed due to the COVID-19.Even in the best-case scenario, the IMF expects only a"partial recovery" next year, assuming the virus fades later in 2020, allowing normal business to resume as the lockdowns imposed to contain its spread are lifted.
"Lifelines for households and businesses are imperative" to"avoid a scarring of the economy that would make the recovery so much more difficult." She noted that about US$100 billion in investments already had fled emerging markets - more than three times the capital exodus seen in the 2008 global financial crisis.
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