IMF: Global Economy Could Be Permanently Scarred
The Philippine Star|October 19, 2020
IMF: Global Economy Could Be Permanently Scarred
WASHINGTON (AP) – The global economy’s recovery from the pandemic recession is tentative and uneven and “marked by significant uncertainty” as confirmed coronavirus cases spread in many countries, according to international finance ministers.

The policy-setting panel of the 189-nation International Monetary Fund concluded a virtual meeting Thursday with a joint statement that warned of permanent damage from the worst global downturn since the Great Depression of the 1930s unless countries are given further economic support.

“The crisis threatens to leave long-lasting scars on the global economy, such as weaker productivity growth, heavier debt burdens, heightened financial vulnerabilities, and higher poverty and inequality,” the IMF panel said.

“This is a crisis like no other,” Kristalina Georgieva, the IMF’s managing director, said at a closing news conference. “It calls for steps to enable a recovery like no other.”

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October 19, 2020