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LATEST NEWS UPDATES | Why India Should Support an SDR Issue by the International Monetary Fund -Jayati Ghosh

Why India Should Support an SDR Issue by the International Monetary Fund -Jayati Ghosh

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published Published on Apr 17, 2020   modified Modified on Apr 19, 2020

-TheWire.in

New Delhi shouldn’t ignore the interests of developing economies over worries that the funds may be used for ‘extraneous reasons’.

The global economy is in the grip of an unprecedented crisis, once never experienced before in its history. The virus pandemic has yet to run its course in most countries, but meanwhile, the containment measures – which have involved major restrictions on mobility, gatherings and economic activity – have already imposed a massive economic cost.

The restrictions and closures have meant simultaneous attacks on demand and supply – a uniquely terrible combination that has created a situation in which conventional policies simply will not suffice. World economic output will most definitely fall this year, possibly much more than the 3% optimistically projected by the IMF. Employment levels have collapsed and open unemployment has increased massively, while those in self-employment have seen their remuneration dwindle to almost nothing.

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TheWire.in, 17 April, 2020, https://thewire.in/economy/india-sdr-issue-international-monetary-fund


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