IMF Urges Continued Strong Fiscal, Monetary Support Given Uncertainty

• The International Monetary Fund is urging countries to continue strong fiscal and monetary efforts to support their economies given continued uncertainty about the risks posed by a resurgence in COVID-19 cases and new variants.
• "The global economy is at a critical juncture," IMF spokesman Gerry Rice told reporters at an online briefing. "There remains a great deal of uncertainty ... and the prospect for a still very difficult period ahead with infection surges and people continuing to suffer."
• Rice said the IMF would release an updated global economic forecast on Jan. 26 that would reflect recent developments, including the development and distribution of COVID-19 vaccines and fresh stimulus measures in the United States and Japan.
• In October, the Fund forecast a 4.4% global GDP contraction for 2020, followed by a rebound to growth of 5.2% for 2021.

(Source: Reuters)