US, China must continue coronavirus stimulus to help recovery from ‘crisis like no other’, IMF’s Georgieva says
- IMF managing director Kristalina Georgieva says the US and China must continue to strong stimulus to help the world recover from the coronavirus
- International cooperation on Covid-19 vaccines could speed up the world economic recovery and add US$9 trillion to global income by 2025
The United States and China needed to keep up strong stimulus to help speed the global economy’s recovery from the novel coronavirus pandemic, International Monetary Fund (IMF) managing director Kristalina Georgieva said on Thursday.
A faster recovery also depends on strong cooperation to develop and distribute Covid-19 vaccines evenly worldwide, but could add nearly US$9 trillion to global income by 2025, Georgieva told a news conference after an IMF steering committee meeting.
“This is a crisis like no other,” she said at a closing news conference. “It calls for steps to enable a recovery like no other.”
Georgieva said the US has the fiscal space and monetary policy capacity to pump out more economic stimulus. US spending so far during the pandemic has had a very positive impact on the rest of the world and its influence “cannot be overstated,” she said.
05:27
China must rely on its ‘internal market for innovation’, says sociology Prof Lau Siu Kai