COVID-19 pandemic worse than 2008-09 financial crisis: IMF
The HinduThe contraction in the global economy is much worse than the 2008-09 financial crisis, a top IMF official said on April 15, urging the governments to take swift concerted action with fiscal tools taking a prime role to contain the COVID-19 spread and limit the damage to livelihoods. As such, there is no doubt that the government needs to take swift concerted action with fiscal tools taking a prime role to contain the virus’ spread and limit the damage to livelihoods of people,” Mr. Gasper said. Global coordination is necessary to support countries with limited health capacity, including by providing medical supplies and expertise, grants, and concessional emergency financing, and to develop universally low-cost vaccines and medicine, he said. “Another key message is that this is a global crisis and comprehensive and coordinated action is necessary, including to support countries with limited health capacity and financing constraints through grants, concessional loans, and medical aid, as well as to develop a universally low-cost vaccine,” he said.