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IMF chief Georgieva urges continued strong policy action amid Covid IMF Managing Director Kristalina Georgieva has called for continued strong policy action to combat continued uncertainty as countries have started to revive from the Covid-19 crisis
International Monetary Fund (IMF) Managing Director Kristalina Georgieva has called for continued strong policy action to combat continued uncertainty as countries have started to revive from the Covid-19 crisis. "The resurgence in infections in many economies shows just how difficult and uncertain this ascent will be," Georgieva wrote in a blog published on Thursday ahead of the upcoming G20 Leaders' Summit.
While the good news is the "significant progress" on vaccine development, the "not-so-good news" is the severity of the pandemic and its negative economic impact, Xinhua news agency quoted the IMF chief as saying. In its latest World Economic Outlook (WEO) report released last month, the IMF projected the global economy to contract sharply by 4.4 per cent this year. It expected a partial and uneven recovery next year, with growth at 5.2 per cent. Citing the IMF's note to the G20 leaders' summit, Georgieva said the most recent data for contact-intensive service industries point to "a slowing momentum" in economies where the pandemic is resurging. "While a medical solution to the crisis is now in sight, the economic path ahead remains difficult and prone to setbacks," she said. Urging governments to act swiftly together, the IMF chief laid out three key priorities: end the health crisis, reinforce the economic bridge to recovery, and build the foundations of a better 21st-century economy...Read More