March 10, 2020 8:45 AM

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Govts should deploy substantial stimulus, international coordination to counteract economic impact of spreading coronavirus epidemic: IMF

International Monetary Fund (IMF) has called on governments worldwide to join forces and roll out aggressive financial supports for the coronavirus-infected global economy, including direct payments to workers and businesses.<br />'' <br />'' IMF's chief economist Gita Gopinath yesterday said, Governments should deploy substantial stimulus and international coordination to counteract the economic impact of the spreading coronavirus epidemic.<br />'' <br />'' She said, given the acute shocks caused to economies, consumers and businesses, policymakers will need to implement substantial targeted fiscal, monetary and financial market measures to help affected households and businesses.<br />'' <br />'' That includes cash transfers, wage subsidies and tax relief as well as interest rate cuts and financial market support by central banks.<br />'' <br />''<br />''The IMF has already warned that the impact of the COVID-19 outbreak will slow growth in the world economy to below the 2.9 percent posted last year.<br />

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