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© Provided by Saudi Gazette The International Monetary Fund said that the global economy is facing a deep recession with the ongoing impact of COVID-19. — Courtesy photo

The International Monetary Fund said that the global economy is facing a deep recession with the ongoing impact of COVID-19. — Courtesy photo

WASHINGTON — The International Monetary Fund said that the global economy is facing a deep recession with the ongoing impact of COVID-19.

“Uncertainty remains around the outlook, alongside long-term forces that shape and influence countries’ response to the virus and the recovery. People all over the world have seen profound changes in their lives: economic recession, unemployment, climate change, technology and the automation of jobs, the rise of digital currencies, lower returns on their savings, and rising inequality and debt,” the 2020 IMF annual report reads.

“As the world faces a crisis like no other, the IMF and its members have swung into action. National governments took bold steps to save lives and put a floor under the world economy, with nearly $12 trillion in fiscal actions and about $7.5 trillion in monetary actions,” said Kristalina Georgieva, IMF Managing Director, in the report’s introductory message.

“This year, as the world faced a crisis like no other, the IMF and its members swung into action. National governments took bold steps to save lives and put a floor under the world economy, with nearly $12 trillion in fiscal actions and about $7.5 trillion in monetary actions.”

The package of measures endorsed as part of the quota review approved by the Board of Governors in February 2020 preserves our financial firepower. These measures include the doubling of the new arrangements to borrow and a new round of bilateral borrowing arrangements, which are expected to be effective in January 2021,” she continued.

The 2020 IMF annual report focuses on COVID-19 response, the impact of economics on people’s lives, debt, climate change, and fintech.