The global economy is showing signs of bouncing back from the severe downturn caused by the global coronavirus pandemic, but a full recovery is “unlikely” without a vaccine, IMF chief Kristalina Georgieva said Wednesday.
In a column co-authored with IMF chief economist Gita Gopinath, the officials stressed that governments should continue to support workers and businesses since the unprecedented nature of the crisis could give rise to a wave of bankruptcies and job destruction.
As lockdowns have eased and businesses around the world have been allowed to reopen, there has been a “sharp rebound of output, consumption, and employment,” they said in Foreign Policy magazine.
The massive scale and speed of government support have helped cushion the blow and allowed for the initial rebound, Gopinath and Georgieva wrote.
“This crisis, however, is far from over,” they said. “The recovery remains very fragile and uneven across regions and sectors. To ensure that the recovery continues, it…
Source: Guardian Newspaper