Bukola Afeni
Editor
The International Monetary Fund (IMF) has warned emerging markets, and low-income economies as they have been projected to incuring greater loss of output over 2020-21 compared to advanced economies.
Compared to six months ago, the economic outlook has worsened significantly in some emerging markets and low-income economies where the coronavirus infections are rising rapidly.
The Fund disclosed this while announcing a one-day conference on ‘Covid-19 Pandemic in Developing Countries.’
“Consequently, these economies, excluding China, are projected to incur a greater loss of output over 2020-21 relative to the pre-pandemic projected path when compared to advanced economies. Observing that uneven recoveries significantly worsen the prospects for global convergence in income levels”. IMF therefore expects worldwide participation in the live conversation between key policymakers, leading academics and civil society on the path forward for developing countries.
“This conference is planned to open avenues of communication between the IMF and stakeholders in developing economies, to better understand the impact of the crisis, and also between low income countries and middle income emerging markets given that these country groups are facing increasingly similar challenges”.
However, participants are expected to discuss, among other topics, how policymakers respond to this crisis like no other? What should be the priorities to save lives and livelihoods? What remaining policy tools can keep their economies stable until there is a widely available vaccine?
The International Monetary Fund is an organization of 189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade , promote high employment and sustainable economic growth, and reduce poverty around the world.
