The world will retrogress in 2020 – IMF

The International Monetary Fund (IMF) has predicted a financial retrogression of the world in the year 2020.

It however said that it expects a quick recovery in the year 2020.

“To get there, it is paramount to prioritize containment and strengthen health systems—everywhere. The economic impact is and will be severe, but the faster the virus stops, the quicker and stronger the recovery will be.”

Managing Director of the IMF, Kristalina Georgieva acknowledged that human life is unquantifiable and so countries should work together to protect its citizens

“The human costs of the Coronavirus pandemic are already immeasurable and all countries need to work together to protect people and limit the economic damage,” she said.

She also expressed support for some drastic measures been taken by some economies to boost health system.

She added, “We strongly support the extraordinary fiscal actions many countries have already taken to boost health systems and protect affected workers and firms. We welcome the moves of major central banks to ease monetary policy. These bold efforts are not only in the interest of each country, but of the global economy as a whole. Even more will be needed, especially on the fiscal front.”

Continuing she reiterated that wealthier countries are in pole position to react more quickly but middle and low income earning countries would struggle

“advanced economies are generally in a better position to respond to the crisis, but many emerging markets and low-income countries face significant challenges,” She added.

Source: mynewsghana.net