Economic ‘calamity’ due to pandemic is far from over, says IMF
The fund warns that states withdrawing support too soon, especially in low-income countries, risks ‘massive bankruptcies and unemployment’
Washington — The global economy is in “less dire” shape than it was in June but risks crashing again if governments end fiscal and monetary support too soon, fail to control the coronavirus, and ignore emerging-market debt problems, International Monetary Fund (IMF) MD Kristalina Georgieva said on Tuesday.
Georgieva told an online London School of Economics event that the IMF will make a small upward revision to its global economic output forecasts next week, adding: “My key message is this: the global economy is coming back from the depths of this crisis. But this calamity is far from over. All countries are now facing what I would call ‘the long ascent’ — a difficult climb that will be long, uneven, and uncertain. And prone to setbacks.”..
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