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The proceeds “could help narrow the income gap between the richest and poorest nations.”
The director of the International Monetary Fund implored the international community to cooperate in the development and distribution of a COVID-19 vaccine and said that accelerating the global economic recovery could add some $ 9 trillion to global income over the next five years.
“The value of cooperation cannot be overstated at this time,” IMF Managing Director Kristalina Georgieva told a news conference on Friday. “Faster progress in medical solutions could accelerate the recovery; it could add nearly $ 9 trillion to global income by 2025. This, in turn, could help narrow the income gap between the richest and poorest nations. “.
Georgieva noted that “this has been a crisis like no other that requires measures to enable a recovery like no other.”
His comments come on the heels of the IMF’s gloomy October global economic outlook, released earlier this week, which projects a deep recession as global gross domestic product is expected to contract 4.4% in 2020.
While most of the outlook contained depressing economic indicators and projections, including that 90 million people are expected to fall into extreme poverty this year, economists noted that some of the worst could be avoided if countries work together to combat poverty. virus.
Gita Gopinath, IMF chief economist, told a press conference that “greater international collaboration is needed to end this health crisis.”
“Huge progress is being made in the development of tests, treatments and vaccines, but only if countries work closely together will there be enough widespread production and distribution in all parts of the world to end this pandemic,” Gopinath added. “Now, we estimate that if medical solutions can become available faster and more widely relative to our current baseline, it could lead to a cumulative increase in global revenue of almost $ 9 trillion by the end of 2025, benefiting all companies. economies and reducing divergence. “