IMF economist: ‘Best medicine’ is to prepare the way for growth | Malay Mail

📆 4/15/2020 3:51 AM
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WASHINGTON, April 15 — Faced with a once-in-a-century economic crisis, governments are rolling out massive spending programmes that will increase debt and deficits, but IMF economist Gian Maria Milesi-Ferretti said now is not the time to worry about that. The “best medicine” is to prepare to...

A nearly deserted shopping street is after the town’s mayor declared a state of emergency to stop the outspread of the new coronavirus March 18, 2020 in Halle/Saale, eastern Germany. The euro area is facing one of the worst recessions this year. — AFP pic

Amid this unprecedented crisis, how reliable is the IMF’s forecast for a 3 per cent contraction of global growth when as recently as January the fund was predicting growth of 3.3 per cent? But in this case, the uncertainty comes from so many sources, in particular from the nature of the disease. If we set the conditions for the economies to recover quickly from the crisis, revenues will go up, the emergency spending can be run down.

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