Friday, Sep 25, 2020 | Last Update : 12:15 AM IST

184th Day Of Lockdown

Maharashtra126379995603033015 Andhra Pradesh6543855794745410 Tamil Nadu5636915082108871 Karnataka5485574446588331 Uttar Pradesh3588932895945135 Delhi2492592133045014 West Bengal2283021989834421 Odisha184122149379763 Telangana1792461481391070 Bihar169856155824870 Assam159320129130578 Kerala13863398720554 Gujarat1247671051913337 Rajasthan116881972841352 Haryana113075908841177 Madhya Pradesh108167836182007 Punjab99930754092860 Chhatisgarh8618347653680 Jharkhand7267358543626 Jammu and Kashmir65026421151024 Uttarakhand4177729000501 Goa2875322726360 Puducherry2319118065467 Tripura2227215441245 Himachal Pradesh124387836125 Chandigarh102987411123 Manipur9010683859 Arunachal Pradesh7385540813 Nagaland5544445110 Meghalaya4733252838 Sikkim2447190529 Mizoram158510120
  Business   Economy  16 Jul 2020  Not out of the woods yet: IMF chief warns second wave of virus could disrupt economies

Not out of the woods yet: IMF chief warns second wave of virus could disrupt economies

AFP
Published : Jul 16, 2020, 10:46 am IST
Updated : Jul 16, 2020, 11:25 am IST

Activity has started to gradually strengthen, but we are not out of the woods yet, Georgieva said in a message to G20 finance ministers

 IMF chief Kristalina Georgieva. (AFP Photo)
  IMF chief Kristalina Georgieva. (AFP Photo)

WASHINGTON: Despite some signs of recovery, the global economy faces continued challenges, including the possibility of a second wave of COVID-19, and governments should keep their support programs in place, IMF chief Kristalina Georgieva said Thursday.

Activity "has started to gradually strengthen... But we are not out of the woods yet," Georgieva said in a message to G20 finance ministers ahead of their weekend meeting in Saudi Arabia.

 

But the recovery faces risks, she said, including the possibility of "a second major global wave of the disease could lead to further disruptions."

The Washington-based crisis lender late last month downgraded its growth forecasts, and now expects global GDP to fall by 4.9 percent this year due to the deeper contraction during lockdowns than previously anticipated, and only a "tepid recovery is expected for next year."

The $11 trillion in stimulus provided by the G20 nations helped to prevent a worse outcome, but "these safety nets must be maintained as needed and, in some cases, expanded," Georgieva urged in a blog post.

She highlighted measures including paid sick leave for low-income families and access to health care and unemployment insurance.

 

While she acknowledged that the "substantial and rising debt levels are a serious concern," Georgieva said, "At this stage in the crisis, however, the costs of premature withdrawal are greater than continued support where it is needed."

Many countries have moved to reopen, so, "Clearly, we have entered a new phase of the crisis," she said in a blog post, adding it will require "further policy agility and action to secure a durable and shared recovery."

Many jobs that have been lost amid the pandemic may never come back, so workers will need support and training to move into new sectors.

"The bottom line is that the pandemic is likely to increase poverty and inequality," she said but noted that policymakers have "a once-in-a-century shot" at building a better, greener and more equitable world.

 

Tags: imf, g20, global market, financial sector, business news, coronavirus, covid-19, coronavirus lockdown, global economy
Location: United States, Washington, Seattle