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The worst recession since the Great Depression
Measures to confront the Coronavirus have resulted in high costs for the global economy, but the urgent financial and monetary response of governments and central banks contributed to alleviating the repercussions of the epidemic, which led the IMF to expect a less severe recession in the Global economy.
And in a meeting with "Sky News Arabia"In October, the CEO of the International Monetary Fund, Kristalina Georgieva, said that adapting to the existence of the epidemic, the monetary policies of the central banks and the financial stimulus packages, whose value exceeded 12 trillion dollars, played a role. important in limiting the impact of the virus on the global economy.
The Director of the International Monetary Fund highlighted the need for continuous support to economic sectors exposed to risks.
Regarding the high volume of global debt, Georgieva highlighted the importance of helping poor countries reduce the burden of their debts so that they can cope with the current crisis, and thus thanked the Kingdom of Saudi Arabia, as president of the G20, for achieve great success in the initiative to delay the payment of debts, from which 44 countries benefited.
Regarding the economies of the Middle East and North Africa, the president of the Monetary Fund emphasized that it was seriously affected by both the health crisis and the economic crisis caused by the closure of the economies. The region’s economy is expected to contract 5% this year before growing again 3.2% during the year. Next.
Georgieva emphasized the need to continue plans to support the economy, especially for countries that still have the capacity to promote financial stimulus, invest in education and accelerate the integration of the digital economy in the Middle East region, as is the case in the main economic countries, to achieve gender equality and inclusion of talented women in the Middle East is rebounding.
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The organization’s report on humanitarian action estimated that 235 million people worldwide will need some form of emergency assistance next year, a 40 percent increase compared to 2020.
“The increase is almost entirely due to Covid-19,” Mark Lowcock, United Nations Under-Secretary-General for Humanitarian Affairs and Aid, told reporters.
The worst recession since the Great Depression
Measures to confront the coronavirus have resulted in high costs for the global economy, but the urgent financial and monetary response of governments and central banks helped to alleviate the repercussions of the epidemic, which led the IMF to expect a less severe recession in the Global economy.
In an interview with “Sky News Arabia”, the general director of the International Monetary Fund, Kristalina Georgieva, said in October that adapting to the existence of the epidemic and the monetary policies of central banks and financial stimulus packages, whose value exceeded The $ 12 trillion played an important role in limiting the impact of the virus. About the global economy.
The Director of the International Monetary Fund highlighted the need for continuous support to economic sectors exposed to risks.
Regarding the high volume of global debt, Georgieva highlighted the importance of helping poor countries reduce the burden of their debts so that they can cope with the current crisis, and thus thanked the Kingdom of Saudi Arabia, as president of the G20, for achieve great success in the initiative to delay the payment of debts, from which 44 countries benefited.
Regarding the economies of the Middle East and North Africa, the president of the Monetary Fund emphasized that it was seriously affected by both the health crisis and the economic crisis caused by the closure of the economies. The region’s economy is expected to contract 5% this year before growing again 3.2% during the year. Next.
Georgieva emphasized the need to continue plans to support the economy, especially for countries that still have the capacity to promote financial stimulus, invest in education and accelerate the integration of the digital economy in the Middle East region, as is the case in the main economic countries, to achieve gender equality and inclusion of talented women in the Middle East is rebounding.
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