World economy to contract by 3%: IMF-THE HINDU-15-04-2020
Global economic output to contract by 3% due to coronavirus pandemic. The COVID-19 pandemic is having a “severe” effect on the world economy and is expected to cause a -3% change in global output in 2020, “much worse” than the 2008-09 financial crises, as per the International Monetary Fund’s World Economic Outlook .
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“A rare disaster, a coronavirus pandemic, has resulted in a tragically large number of human lives being lost. As countries implement necessary quarantines and social distancing practices to contain the pandemic, the world has been put in a Great Lockdown,” the IMF’s chief economist, Gita Gopinath, said in a statement released to reporters prior to a virtual press briefing on Tuesday to mark the release of the WEO report.
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“Necessary measures to reduce contagion and protect lives will take a short-term toll on economic activity but should also be seen as an important investment in long-term human and economic health,” the IMF said, calling on policymakers to make targeted fiscal, monetary and financial sector interventions to support impacted households and businesses. , preserving economic relationships. Many countries will face multi-layered crises, including health shocks, domestic economic disruptions, reversal of capital flows, plummeting external demand, and a collapse of commodity prices. “Strong multilateral cooperation is essential to overcome the effects of the pandemic, including to help financially constrained countries facing twin health and funding shocks, and for channeling aid to countries with weak healthcare systems,” it said.
Emerging Asia only region of positive 2020 growth:
In China, where the coronavirus’s impacts were first recorded this year, first quarter economic activity could have contracted by 8% year on year. Apart from India’s modest 1.9% in 2020, Indonesia is expected to grow at 0.5%,while others in the region experience contractions. Advance economies will have a output change of -6.1% in 2020 followed by 4.5% in 2021.