{"id":272030,"date":"2020-10-15T03:44:16","date_gmt":"2020-10-15T07:44:16","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=272030"},"modified":"2020-10-16T03:47:01","modified_gmt":"2020-10-16T07:47:01","slug":"medical-headway-on-virus-to-boost-economic-revival-imf","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/10\/15\/medical-headway-on-virus-to-boost-economic-revival-imf\/","title":{"rendered":"Medical headway on virus to boost economic revival: IMF"},"content":{"rendered":"
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The International Monetary Fund sees little evidence that China’s central bank has deliberately reduced the value of the nation’s currency. (File Photo By International Monetary Fund\/Wikimedia commons, Public Domain<\/a>)<\/figcaption><\/figure>\n

ANKARA<\/strong> \u2013 Faster progress on medical solutions against the coronavirus disease 2019 (Covid-19) could quicken countries’ economic recovery, projected to add almost USD9 trillion to global income by 2025, the IMF’s managing director has said.<\/p>\n

During a news conference following an annual meeting with the World Bank late on Wednesday, Kristalina Georgieva said strong international cooperation on vaccine development and distribution was needed now more than ever.<\/p>\n

“Nine months into the pandemic, we are still struggling with the darkness of a crisis that has taken more than a million lives,” she said.<\/p>\n

Though the picture over the past few months has become less dire, the IMF continues to project the worst global recession since the Great Depression, Georgieva warned.<\/p>\n

“Growth is expected to fall 4.4 percent this year and over the next five years, the crisis could cost an estimated USD28 trillion in output losses,\u201d she said.<\/p>\n

Policy recommendations<\/p>\n

According to the IMF, there are three priorities that policymakers should take into account during the pandemic.<\/p>\n

Underlining that essential measures to protect lives and livelihoods should continue, Georgieva said, “A durable economic recovery is only possible if we beat the pandemic everywhere.”<\/p>\n

She said stepping up vital health measures would be as important as fiscal and monetary support to households and firms.<\/p>\n

“These lifelines, such as credit guarantees and wage subsidies, are likely to remain critical for some time,\u201d she added.<\/p>\n

Secondly, Georgieva highlighted the need to build a more resilient and inclusive economy with public investment, especially in green projects and digital infrastructure, which could be a game-changer.<\/p>\n

“It has the potential to create millions of new jobs while boosting productivity and incomes,” she said.<\/p>\n

Dealing with debt would be the third priority.<\/p>\n

Global public debt is projected to reach a record high of 100 percent of gross domestic product (GDP) in 2021.<\/p>\n

“Addressing this issue over the medium term will be critical. But for many low-income countries, urgent action is required now,” she said.<\/p>\n

Given their heavy debt burdens, these countries are now struggling to maintain vital policy support, she added.<\/p>\n

The global financial body reached more than USD280 billion in lending commitments \u2013 more than a third of that approved since March. (Anadolu)<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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