Beyond the Crisis

Now is the time to take advantage of this opportunity to build a better world   Kristalina Georgieva is managing director of the IMFBy Kristalina GeorgievaWASHINGTON DC, Jun 2 2020 (IPS) Looking back to the start of 2020, the world has changed almost beyond recognition. To protect public health, the global economy was put into stasis. Shops closed, factories were mothballed, and people’s freedom of movement was severely curtailed. No country has escaped the health, economic, and social impacts of the COVID-19 crisis. Tragically, more than 260,000 people have died and millions have been infected. The IMF is projecting global economic activity to decline on a scale not seen since the Great Depression. It is truly a crisis like no other. Kristalina Georgieva. Credit: IMF Despite the bleak outlook, I am hopeful for the future. A crisis often brings the best out in people—I have seen it firsthand in countries hit by wars and natural disasters. This is happening already in the fight against the pandemic as doctors and nurses around the world put saving lives of others ahead of their own lives. And governments are stepping up in an unprecedented manner. To fight the pandemic they have combined dramatic public health interventions with fiscal measures amounting to about $8.7 trillion. Central banks have undertaken massive liquidity injections, and richer countries have stepped up to support poorer nations. Record speed The IMF has responded at record speed. We doubled ou...
Source: IPS Inter Press Service - Health - Category: International Medicine & Public Health Authors: Tags: Aid Economy & Trade Environment Featured Financial Crisis Global Global Governance Green Economy Headlines Health Humanitarian Emergencies Poverty & SDGs TerraViva United Nations Source Type: news