IMF: Global effort needed to help economies recover

Chief Ecomist for International Monetary Fund says nations need to be prepared to work toger "to ensure that world does t deglobalize" as global ecomy tries to recover from coronavirus pandemic.

"Domestic and international policy responses need to be large, rapidly deployed and speedily recalibrated as new data becomes available," said Chief Ecomist Gita Gopinath.

" courous actions of doctors and nurses around world need to be matched by policymakers so we can jointly overcome crises."

This comes as IMF forecast a bleak outlook for 2020.

IMF said Tuesday that it expects global ecomy to shrink 3% this year - far worse than its 0.1% dip in Great Recession year of 2009 - before rebounding in 2021 with 5.8% growth. It ackwledges, though, that prospects for a rebound next year are clouded by uncertainty.

Just three months ago, IMF h forecast that more than 160 countries would register income growth on a per-capita basis. w, it expects negative per-capita income growth this year in 170 countries.

Some countries can't afford sufficiently aggressive rescue plans, IMF said, and “may require external support." Georgieva has said that IMF is prepared to commit its $1 trillion in lending capacity to support nations that need help in dealing with pandemic.

IMF cautioned Tuesday that its latest forecast is shrouded by unkwns.

y include path that virus will take; effectiveness of policies meant to contain outbreak and minimize ecomic dam; and uncertainty over wher, even many months from w, people will continue to isolate mselves and depress spending as a precaution against a potential resurgence of virus.

For most people, new coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. For some, especially older ults and people with existing health problems, it can cause more severe illness, including pneumonia and death. vast majority of people recover from new virus.

(Im Credit: AP)