Coronavirus crisis: International Monetary Fund forecasts Australian economy will contract 6.7 per cent

17 Avril, 2020, 09:25 | Auteur: Anatole Charbonneau
  • IMF world economic outlook projections

Foreign Minister Shah Mehmood Qureshi on Thursday confirmed that the International Monetary Fund (IMF) has chose to give a one-year relief to Islamabad as the country grappled with coronavirus pandemic.

In its release copied to the Ghana News Agency, it said this contraction would be much worse than during the 2008-09 financial downturn. "Effective policies are essential to forestall worse outcomes", the report read, urging governments to do their best to reduce the spread of the infection, to protect lives and to invest in "long-term human and economic health", especially by increasing spending on health care.

Targeted and sizeable fiscal support is critical to provide a safety net for the most affected households and businesses and create conditions for a rapid recovery, according the statement.

The IMF says it's important for countries to invest in their health systems and their workers during the lockdown, for a smoother transition after the pandemic ends.

The International Monetary Fund forecasts the coronavirus crisis to deal the Australian economy its biggest blow since the Great Depression of the 1930s, contracting 6.7 per cent this year - more than double the fall for the global economy.

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In a statement, the IMFC reaffirmed its commitment to a strong, quota-based and adequately resourced Fund, and said the IMF should draw on relevant experience from previous crises as it explores options to expand resources.

The Fund added that a prolonged outbreak would test the ability of governments and central banks to control the crisis.

"The significant downward revision to the 2020 growth projection reflects large anticipated domestic disruptions to economic activity from Covid-19", the report says.

It expects global growth to rebound to 5.8% next year if the pandemic fades in the second half of 2020.

The PUNCH reports that the International Monetary Fund had on Monday announced the approval of immediate debt service relief to 25 of the IMF's member countries under the IMF's revamped Catastrophe Containment and Relief Trust as part of its response to help address the impact of the COVID-19 pandemic.

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