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- IMF Managing Director Georgieva: Global economy is coming back from the depths of this crisis, but this calamity is far from over - Reuters
IMF Managing Director Georgieva: Global economy is coming back from the depths of this crisis, but this calamity is far from over - Reuters
- Says global economy is looking “less dire” than it did in June
- All countries are now facing "the long ascent" - a difficult climb that will be long, uneven, and uncertain - and prone to setbacks
- IMF is continuing to project a “partial and uneven” recovery in 2021 [in June, IMF forecast 2021 global growth at 5.4%]
- IMF will make “small” upward revision to its 2020 global output forecast of -4.9%, published in June
- $12 trillion in fiscal support, coupled with unprecedented monetary easing has allowed many advanced economies to escape the worst damage and start to recover
- China also has recovered faster than expected
- Emerging markets and low-income countries face precarious situation
- In low-income countries, the shocks are so profound that we face the risk of "lost generation"
- Calls for more debt help quickly for low-income countries;
- Says development gains could be reversed without access to more grants, concessional credit and debt relief
- In some cases, global coordination to restructure sovereign debt will be necessary, with full participation of public and private creditors
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