COVID-19 pushes world into ‘deep recession’: IMF Annual Report 2020

Photo- IMF

By SAT News Desk

MELBOURNE, 17 November 2020: The year 2020 has been tough for the world as it faced the deadly COVID-19 pandemic with 54,714,076 cases and 1,321,712 deaths (17 Nov 2020, John Hopkins University COVID-19 Dashboard) and it is still surging in many countries. Australia has curbed the virus but a hotspot in Western Australia is causing concern. The social and economic consequences of the global pandemic have been devastating and the International Monetary Fund (IMF) in its Annual Report 2020 (A Year Like No Other) released today says the world is in ‘deep recession’.

“Uncertainty remains around the outlook, alongside long-term forces that shape and influence countries’ response to the virus and the recovery. People all over the world have seen profound changes in their lives: economic recession, unemployment, climate change, technology and the automation of jobs, the rise of digital currencies, lower returns on their savings, and rising inequality and debt.

These ongoing global forces and the current crisis can offer opportunities to build a better future for everyone. Working together in good faith and with shared goals can yield solutions to our most pressing problems, restore leadership and trust in institutions, and create a recovery that builds a global economy to serve everyone, ” it says.

An IMF media release says it has done an ‘Economic Surveillance’ of 129 countries and lent $165 billion to 83 countries, including $16.1 billion of concessional financing to 49 low-income countries and $305 million for hands-on technical advice, policy-oriented training, and peer learning.

The 2020 IMF Annual Report focuses on COVID-19 response, the impact of economics on people’s lives, debt, climate change, and fintech.

Read REPORT here.

Leave a Reply