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IMF: World Economic Outlook Is Below Pessimistic Assessment

Dubai- Masaader News

The International Monetary Fund notes that incoming economic data for many countries is even below the IMF’s ‘already pessimistic assessment’ , according to Reuters Report.

IMF Managing Director Kristalina Georgieva of IMF said: “Incoming economic data for many countries is below our already pessimistic assessment for 2020,” .

Kristalina Georgieva
IMF Managing Director

“Assuming that we will have treatments and vaccines by early 2021 at the latest, then we can expect a recovery,” she said, cautioning that testing and tracing would have to be on a much larger scale than current efforts.

Last March Georgieva said: ” The outlook for global growth: for 2020 it is negative—a recession at least as bad as during the global financial crisis or worse. But we expect recovery in 2021. 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.

“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, she added.

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