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IMF calls for strong fiscal, monetary support by nations
20 Jan '21
2 min read
Pic: Shutterstock
The International Monetary Fund (IMF) recently urged countries to continue strong fiscal and monetary efforts to support their economies given the continued uncertainty about the risks posed by a resurgence in COVID-19 cases and new variants. “The global economy is at a critical juncture,” IMF spokesman Gerry Rice told reporters at an online briefing.
“There remains a great deal of uncertainty ... and the prospect for a still very difficult period ahead with infection surges and people continuing to suffer,” Rice said.
IMF would release an updated global economic forecast on January 26 that would reflect recent developments, including development and distribution of COVID-19 vaccines and fresh stimulus measures in the United States and Japan, he said.
In October, IMF forecast a 4.4 per cent global gross domestic product (GDP) contraction for 2020, followed by a rebound to growth of 5.2 per cent for 2021.
It was “certainly no time to let up on our efforts,” Rice said, calling for continued strong monetary and fiscal measures.
US economic stimulus funds approved at the end of 2020 - and reports of additional possible measures - were encouraging, he said.
In Japan, Rice said IMF was forecasting a gradual recovery in 2021, with some upside relative to its last projection of 2.3 per cent growth, given strong growth in the third quarter and a third stimulus package announced in December.
“There remains a great deal of uncertainty ... and the prospect for a still very difficult period ahead with infection surges and people continuing to suffer,” Rice said.
IMF would release an updated global economic forecast on January 26 that would reflect recent developments, including development and distribution of COVID-19 vaccines and fresh stimulus measures in the United States and Japan, he said.
In October, IMF forecast a 4.4 per cent global gross domestic product (GDP) contraction for 2020, followed by a rebound to growth of 5.2 per cent for 2021.
It was “certainly no time to let up on our efforts,” Rice said, calling for continued strong monetary and fiscal measures.
US economic stimulus funds approved at the end of 2020 - and reports of additional possible measures - were encouraging, he said.
In Japan, Rice said IMF was forecasting a gradual recovery in 2021, with some upside relative to its last projection of 2.3 per cent growth, given strong growth in the third quarter and a third stimulus package announced in December.
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