created—we are here to deploy the strength of the global community, so we Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website. There is much uncertainty about the shape of our future. In this regard, we have strengthened our arsenal and taken exceptional measures in just these two months. In the last two months, portfolio outflows from emerging markets were about $100 billion—more than three times larger than for the Finally, in the new post-COVID-19 world, we simply cannot take social cohesion for granted. © 2020 Manila Bulletin - Philippine News. IMF Managing Director Kristalina Georgieva shown in her office 2020. And Let me conclude with a line from Victor Hugo who once said: “Great perils have this beauty, that they bring to light the fraternity They are also exposed to massive external pressure. action and, indeed, there has been significant coordination. crisis is expected to hit vulnerable countries hardest. Today, that In many ways, there has been a ‘response like no other’ from the IMF’s membership. ["banking-finance","business","business"], [2410691,2479697,2479551,2479433,2479276,2479261,2479244], Global economic crisis ‘far from over’ — IMF, BOI-DOF at loggerheads: Lopez refutes Dominguez, US hits PH corruption, human rights violations, business monopolies, LandBank extends P20.8-B to 1,081 farmers-cooperatives, PEZA firms receive P50-B tax perks annually – NEDA study, COVID-hit businesses need CREATE, FIST —DOF, Converge reduces maximum offer price, moves up IPO timetable, First Gen taps Australian firm as EPC contractor in LNG project, Local meat processors fears of brewing PH-Brazil trade war, Closure of 26% of PH businesses alarms DTI, Shell shuts down refining to convert into world-class import terminal, BDO Life offers insurance vs uncertainties, Ayala Malls condones P4-B worth of rents as of May, Seller ‘plantitos’ and ‘plantitas’ may soon need gov’t accreditation, Villar group subsidiary launches new telco, Committed investments more than double to P645 B in first half, Longest lockdown blamed for PH economic meltdown, P51B PNR Clark Phase 2 (Malolos-Clark) contracts signed, PH proposes 6-point plan for ASEAN resilience, 46th PBC to gov’t: Turn idle lands, urban parks into vege farms for the poor, Manila Water launches one-stop online portal for customers, Bloomberry, Pagcor donate solar powered lights to aetas, DA, DOH extend registry of vet meds by BAI. We expect global economic activity to decline on a scale we have not seen since the Great Depression. In most countries, the resilient. In a speech Wednesday to the World Economic Forum, Georgieva said rapid government action ”put a floor under the world economy,” which helped everyone without ”differentiating between… winners and losers.”. COVID-19’s grip. the world economy is taking a substantial hit. Reuters Washington September 10, 2020 UPDATED: September 10, 2020 13:48 IST. IMF says coronavirus crisis far from over, calls for more economic support. What was normal just a few weeks ago—going to school, going to work, being But we can also embrace this crisis as an opportunity—to craft a different and better future together.