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 International Monetary Fund (IMF) warned on Wednesday.
“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,” the Fund added, as it announced a one-day conference on ‘Covid-19 Pandemic in Developing Countries.’
Observing that uneven recoveries significantly worsen the prospects for global convergence in income levels, the IMF invited worldwide participation in the live conversation between key policymakers, leading academics and civil society on the path forward for developing countries. It will be live streamed next Wednesday from 09:00 a.m. EST.
“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,” said the Fund’s announcement..
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? (PANA/NAN)