IMF predicts global production decline in 2020

US, WASHINGTON (ORDO NEWS) — The coronavirus pandemic will lead to a decline in world production this year; first of all, it is necessary to help vulnerable enterprises.

This is stated in a joint statement issued on Friday by the managing director of the International Monetary Fund (IMF) Kristalina Georgieva and the chairman of the International Monetary and Financial Committee (IMFC, this structure is the governing body of the IMF), the head of the Reserve Bank of South Africa, Lefsetz Khan Jai Ho.

“We are in an unprecedented situation when the pandemic escalated into a financial and economic crisis. With a sudden halt in economic activity, global production will decline in 2020,” the document says.

Georgieva and Khanjaho called on the international community to strengthen economic measures and “give priority to vulnerable households and enterprises in order to accelerate and strengthen the recovery process in 2021.”

According to them, “an exceptionally large number of countries” needs emergency financial assistance from the IMF. In addition, the document notes, the organization is exploring additional opportunities that go beyond traditional fund lending mechanisms to alleviate foreign exchange shortages for many developing countries.

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