Global economic recovery in COVID-19 crisis remains difficult: IMF
- 3 years ago
IMF "코로나19 재확산으로 세계경제 회복세 약화"... 전세계 부채 277조 달러 돌파
With COVID-19 infections soaring worldwide and some nations on full lockdown,... the global economy is spiraling into a tailspin... and beginning to drown in increasingly eye-watering amounts of debt.
Choi Won-jong with the details.
The global economic recovery is slowing as countries battle a resurgence of COVID-19.
The International Monetary Fund said on Thursday that nations should promptly remove trade barriers on medical goods in order to support the recovery.
According to a report on the G20 economies, the global economic recovery began in June, but it is losing momentum and the crisis is likely to leave "Deep and unequal scars."
The IMF's Managing Director warned in a blog post that the economic path ahead remains difficult even with a medical solution.
She urged countries to cooperate to ensure the fair and swift distribution of vaccines when they become available... particularly for developing countries.
The COVID-19 pandemic is projected to push global debt to a record 277 trillion U.S. dollars by the year's end.
The Institute of International Finance published a report on Wednesday titled "Attack of the Debt Tsunami,"... which also forecast that the debt-to-global GDP ratio would reach 365 percent.
The report cited a significant increase in borrowing by countries, businesses and individuals.
Many governments are attempting to provide financial support for their citizens and businesses, and more firms are scrambling for extra funding as their profits dry up due to the pandemic.
For the U.S., debt is projected to hit 80 trillion U.S. dollars in 2020 while debt in Europe has risen 1-point-5 trillion dollars to 53 trillion dollars.
Among developing economies, Lebanon, China, Malaysia and Turkey have seen the biggest increases in their non-financial sector debt ratios this year.
The Institute of International Finance said uncertainty still remains over how the global economy can get itself out of this situation going forward.
Choi Won-jong, Arirang News.
With COVID-19 infections soaring worldwide and some nations on full lockdown,... the global economy is spiraling into a tailspin... and beginning to drown in increasingly eye-watering amounts of debt.
Choi Won-jong with the details.
The global economic recovery is slowing as countries battle a resurgence of COVID-19.
The International Monetary Fund said on Thursday that nations should promptly remove trade barriers on medical goods in order to support the recovery.
According to a report on the G20 economies, the global economic recovery began in June, but it is losing momentum and the crisis is likely to leave "Deep and unequal scars."
The IMF's Managing Director warned in a blog post that the economic path ahead remains difficult even with a medical solution.
She urged countries to cooperate to ensure the fair and swift distribution of vaccines when they become available... particularly for developing countries.
The COVID-19 pandemic is projected to push global debt to a record 277 trillion U.S. dollars by the year's end.
The Institute of International Finance published a report on Wednesday titled "Attack of the Debt Tsunami,"... which also forecast that the debt-to-global GDP ratio would reach 365 percent.
The report cited a significant increase in borrowing by countries, businesses and individuals.
Many governments are attempting to provide financial support for their citizens and businesses, and more firms are scrambling for extra funding as their profits dry up due to the pandemic.
For the U.S., debt is projected to hit 80 trillion U.S. dollars in 2020 while debt in Europe has risen 1-point-5 trillion dollars to 53 trillion dollars.
Among developing economies, Lebanon, China, Malaysia and Turkey have seen the biggest increases in their non-financial sector debt ratios this year.
The Institute of International Finance said uncertainty still remains over how the global economy can get itself out of this situation going forward.
Choi Won-jong, Arirang News.