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IMF head says global recovery only 'partial'.

IMF Head Says Global Recovery Only ‘Partial’

ANKARA – The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, said Tuesday evening that the organization’s projections for a global recovery are only “partial and uneven”.
During a video conference, Georgieva made some assessments regarding the global economy in the COVID-19 era and beyond.
“We see signs of recovery in the global economy,” she said, noting that the outlook for some advanced economies is not as bad as expected.
On the other hand, she warned, the majority of emerging markets and developing countries – excluding China – do not yet see a turnaround.
“Some would see a degradation of our projections,” she said.
She noted that small countries whose economies depend on tourism are on their knees.
She added that economies with high debt levels were struggling.
Regarding the IMF’s priorities amid the pandemic, she said: “We are maintaining our support until we see the economy recover. We are at a point where we can say the world economy will lose 12 trillion dollars this year and next.”
She reaffirmed that some countries would have to restructure to bring debt down to a sustainable level.
“I call for debt transparency as a priority. If we know the debt levels, then this issue is much easier to manage,” she said.
She said this crisis calls on the world to build resilience for the future, which means investing in education, digital capabilities and human capital, health systems and social protection systems.
“To do this, we need to deal with the taxation in a way that transforms and builds resilience for the future,” she concluded.
(Sahar News Monitoring Desk)

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