IMF chief urges continued strong policy action

Washington, Nov 20 : International Monetary Fund (IMF) Managing Director Kristalina Georgieva has called for continued strong policy action to combat continued uncertainty as countries have started to revive from the Covid-19 crisis.
“The resurgence in infections in many economies shows just how difficult and uncertain this ascent will be,” Georgieva wrote in a blog published on Thursday ahead of the upcoming G20 Leaders’ Summit.
While the good news is the “significant progress” on vaccine development, the “not-so-good news” is the severity of the pandemic and its negative economic impact, Xinhua news agency quoted the IMF chief as saying.
In its latest World Economic Outlook (WEO) report released last month, the IMF projected the global economy to contract sharply by 4.4 per cent this year.
It expected a partial and uneven recovery next year, with growth at 5.2 per cent.
Citing the IMF’s note to the G20 leaders’ summit, Georgieva said the most recent data for contact-intensive service industries point to “a slowing momentum” in economies where the pandemic is resurging.