![]() ![]() Grynspan called for “emergency measures from the IMF and World Bank”, namely the activation of rapid funding instruments which IMF can provide to help countries with looming balance of payments problems. “There is a rapidly worsening outlook for the world’s economy and to think that this year, the year after two years of crisis with COVID-19, the average rate of growth of the world economy will be 2.6 per cent, down from 5.5 per cent last year, and down from the projections that were made in the last quarter of 2021,” said Rebeca Grynspan, UNCTAD Secretary-General. Wholesale multilateral fiscal reform - possibly on the scale and ambition of the US Marshall Plan that shouldered Western Europe following the Second World War - is urgently needed to improve the financial liquidity of developing countries to prevent them - and even middle-income countries - from potentially going under, UNCTAD insisted, as it appealed to the International Monetary Fund ( IMF) and World Bank. With inflation on the rise and developing countries already weighed down by a $1 trillion debt burden to pay back to creditors, the UN body decried the inadequate financial measures already taken to help them withstand exchange rate instability, rising interest rates and soaring food and fuel prices. We expect it to grow by 2.6 per cent this year and of course, the main contributing factor to that, is the war in Ukraine.” Trillion-dollar debt “We anticipated back in September of last year that the global economy would grow by around 3.6 per cent. ![]()
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