Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV
  • Business
  • Automotive
  • Economy
  • Energy
  • Finance
  • Tourism
  • Tech
  • Defense
  • Transportation
  • News Analysis

IMF warns full global economic recovery to take longer than expected

by REUTERS

May 18, 2020 - 5:33 pm GMT+3
IMF Managing Director Kristalina Georgieva attends a news conference ahead of the World Economic Forum (WEF) in Davos, Switzerland January 20, 2020. (REUTERS Photo)
IMF Managing Director Kristalina Georgieva attends a news conference ahead of the World Economic Forum (WEF) in Davos, Switzerland January 20, 2020. (REUTERS Photo)
by REUTERS May 18, 2020 5:33 pm
RECOMMENDED
The National Assembly of Azerbaijan, Baku, Azerbaijan, Nov. 13, 2019. (Shutterstock Photo)

Azerbaijan's parliament approves Turkic Investment Fund

Turkic-Investment-Fund

The global economy will take much longer to recover fully from the shock caused by the new coronavirus than initially expected, the head of the International Monetary Fund said, stressing the danger of retreating into protectionism in response.

Managing Director Kristalina Georgieva said the Fund was likely to revise its forecast for a 3% contraction in GDP in 2020 downward further, with only a partial recovery expected next year instead of the 5.8% rebound initially expected.

In an interview with Reuters, she said data from around the world was worse than expected. "Obviously that means it will take us much longer to have a full recovery from this crisis," she said in an interview. She gave no specific target date for the rebound.

In April, the global lender forecast that business closures and lockdowns to slow the spread of the virus would throw the world into the deepest recession since the 1930s Great Depression. But data reported since then points to "more bad news," Georgieva said earlier this month.

The IMF is due to release of new global projections in June. Asked about renewed tensions between the United States and China – the world's two largest economies, Georgieva said she was urging member countries to maintain open communication and trade flows that had underpinned global growth for decades.

"We do need to keep trade flows open, especially for medical supplies, food, and longer-term to find a pathway to overcome what is happening now with this crisis," Georgieva said. "We want to continue to build this more prosperous future for all by overcoming the scarring that may come from this crisis."

Tensions between the United States and China have spiked in recent weeks, with officials on both sides suggesting a hard-won deal that defused a bitter 18-month trade war could be abandoned months after it was signed.

Georgieva warned against retreating into protectionism as a result of the crisis.

"We should not turn away from what has worked for people everywhere: a division of labor and collaboration and trade, which allows the costs of goods and services to go down, allows incomes to go up, and allows poverty within countries and across countries to retreat," she told Reuters.

The IMF was created after World War II to foster financial stability, facilitate trade and reduce poverty around the world. It has provided emergency financing to 56 countries since the crisis began and will decide on 47 additional requests as quickly as possible, Georgieva said.

An IMF spokesman said some $21 billion in emergency financing, which carries very low-interest rates, had been disbursed thus far.

Georgieva said the Fund could also provide grants to help the poorest countries cover their debt service payments to the IMF through the end of the year, after raising new lending commitments from its members.

RECOMMENDED
The National Assembly of Azerbaijan, Baku, Azerbaijan, Nov. 13, 2019. (Shutterstock Photo)

Azerbaijan's parliament approves Turkic Investment Fund

Turkic-Investment-Fund
  • shortlink copied
  • RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    global economy international monetary fund
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    Mayan pyramid and ruins in the famous Tikal National Park, Guatemala. (Getty Images Photo)

    Scientists discover 417 Mayan cities in Guatemala's forested area

    mayan-city
    Voters cast ballots at a polling station set up by the Rotterdam Consulate-General in the Hague, May 20, 2023. (AA Photo)

    Far-right Wilders tells Turks to 'pack bags' for voting for Erdoğan

    geert-wilders

    Erdoğan, el-Sissi agree to reappoint Turkish, Egyptian envoys

    TÜRKIYE-EGYPT-RELATIONS

    Erdoğan meets with former economy chief Mehmet Şimşek: Sources

    Turkish-economy
    No Image
    Thousands of migrants left homeless after fire guts camp on Lesbos
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021