Global growth to dip below last year’s rate, says IMF chief – Gulf Today

Global growth to dip below last year’s rate, says IMF chief – Gulf Today

The new coronavirus epidemic poses a "serious threat" and will slow growth in the world economy to below the 2.9 per cent posted last year, IMF chief Kristalina Georgieva said on Wednesday.. The epidemic's impact on confidence and steps to contain it are impacting economic activity, with the result that "global growth in 2020 will dip below last year's levels," she said.. Georgieva and World Bank President David Malpass spoke to reporters after a conference call of finance officials from the member nations, who directed the IMF "to use all its available financing instruments to help member countries in need.". In the first unscheduled rate reduction since 2008, the Fed axed Tuesday its key interest rate by a half point to a range of 1.0-1.25, explaining that "coronavirus poses evolving risks to economic activity".. An International Monetary Fund statement said Wednesday that a special financial and monetary committee tracking the virus urged the IMF "to use all its available financing instruments to help member countries in need.".