Countries have spent a combined $8 trillion to combat COVID-19 - IMF
- According to the IMF, countries all over the world have spent a total of $8 trillion to augment their fight against the coronavirus
- The IMF listed the top four spenders as Italy, Germany, the United Kingdom (UK) and France
- It is convinced that there is a likelihood of a deep recession in 2020 and a partial recovery in 2021
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The International Monetary Fund (IMF) has revealed that countries all over the world have spent a total of $8 trillion to combat the coronavirus.
The countries that form the G20 have been recognized as the highest spenders, YEN.com.gh has learned.
The G20 is made up of Australia, Canada, Saudi Arabia, the United States of America, India, Russia, South Africa, Turkey, Argentina, Brazil and Mexico.
READ ALSO: IMF extends duration of payment of debts by 25 poor countries by 6 months
The rest are France, Germany, Italy, the United Kingdom, China, Indonesia, Japan, South Korea and the European Union.
Per a classfmonline.com report, the top four spenders are Italy, Germany, the United Kingdom (UK) and France.
The IMF has disclosed the likelihood of increased fiscal deficits and public debt ratios across countries in the wake of the outbreak of COVID-19.
This, it explained, would lead to higher spending and falling revenue levels of countries all over the world.
The Managing Director of the IMF, Kristalina Georgieva, speaking in a G20 Finance Ministers and Central Bank Governors Meeting, noted that there will be a need to spend even more.
This, she explained, is because the IMF believes there is a likelihood of a deep recession in 2020 and a partial recovery in 2021.
With smart programmes and good governance, she went on, countries could be aided through the depth of the recession and embark on a journey of economic recovery.
Meanwhile, the IMF has predicted a likely shrink in the global economy by 3%.
It stated that the collapse of economic activities would mark the steepest downturn since the Great Depression of the 1930s.
In its 2020 World Economic Outlook, the IMF predicted a partial rebound in 2021 with the world economy growing at 5.8%.
It, however, stated that there are extreme uncertainties tied to the forecasts.
READ ALSO: IMF gives Ghana $500 million at 0% interest rate to battle coronavirus
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