中文HomeNewsEcns WireBusinessTravelPhotoVideoVoicesRIGHT BGLINEText:AAAPrintEconomyU.S. needs additional sizable fiscal package to contain pandemic, boost recovery: IMF executive board12020-08-11 08:21:06Xinhua
Editor: Li Yan
ECNS App DownloadSpecial: Battle Against Novel CoronavirusThe United States needs an “additional sizable fiscal package” to contain the COVID-19 pandemic and boost economic recovery, the executive board of the International Monetary Fund (IMF) said on Monday.
“Amid the resurgence in COVID-19 cases, a deep economic recession, and surging unemployment, (Executive) Directors underscored the need to deepen public health efforts while continuing to use all policy tools to support the recovery and mitigate the scarring effects of the pandemic on the U.S. economy and society,” the IMF executive board said in a statement after concluding an annual Article IV review of the U.S. economy.
“They agreed that an additional sizable fiscal package would be needed to strengthen health preparedness and sufficiently boost demand, including through increased federal transfers to state and local governments,” the executive board said, adding medium-term fiscal adjustment will be necessary to put U.S. public debt on a downward path once the pandemic is fully contained.
The federal government primary deficit is expected to rise from around 3 percent of gross domestic product (GDP) in fiscal year 2019 to 16 percent of GDP in fiscal year 2020 and the federal debt is expected to approach 100 percent of GDP by end-2020, according to the IMF.
The IMF executive boards assessment of the U.S. economy came as U.S. Congress failed to reach a deal on the new relief bill. U.S. President Donald Trump on Saturday signed a series of executive orders to extend certain COVID-19 economic relief, but they are unlikely to provide meaningful boost to the overall economy.
“Directors noted that the recovery will likely be gradual and subject to significant risks and uncertainty,” the IMF executive board said, expecting the U.S. economy to contract by around 6.6 percent in 2020.
IMF executive directors also encouraged the U.S. authorities to “reverse trade restrictions” while working constructively with partner countries to resolve trade tensions and modernize the multilateral trading system.
“Many Directors noted that the planned introduction of currency-based countervailing duties could increase policy uncertainty, have negative spillovers, and undermine the multilateral trading and international monetary systems,” said the executive board. MorePhotoPeople mourn for victims of Beirut explosions in Beirut, LebanonGiant panda enjoys leisure time in ChengduItalian resort evacuated over risk of falling iceOpening of the East Terrace Garden at Windsor Castle the first timeTop of the Rock Observation Deck in New York reopensScientific expedition completed in South China SeaJingxing Jin opera troupe stages performance in Touquan Village of HebeiEscaping the concrete jungle: Zealandia sanctuary in Wellington, New ZealandChina launches new optical remote-sensing satelliteThe giant Olympic rings in Tokyo being temporarily removed for maintenanceTwo giant pandas arrive in Yangzhou, to be transferred to zoo in YanchengIntelligent warehouse put into service in ShandongSatellite images show the port of Beirut the day before and after blastVillagers harvest lotus flowers in GuangxiMask compulsory in outdoor places in many French cities as COVID-19 cases surgeGrape industry in Liaoning helps increase income of villagers, attracts touristsMan in 90s attends basketball training session in E Chinas Shandong21-year-old volunteer takes part in fight against COVID-19 in UrumqiPeople of Zhuang ethnic group celebrate traditional diving festival in GuizhouPic story of intangible cultural heritage inheritor of bian embroidery in HenanFirst koala joeys born since catastrophic bush firesThai Handicrafts exhibited in Bangkok to help boost economy after COVID-19 outbreakHulunbuir takes various measures to boost local tourism marketAt least 4 killed as storm Isaias batters U.S. East CoastPeople visit Yangtze River 180 art district in Hefei, AnhuiHuge explosions in Beirut leave dozens dead, injuredFull moon seen in Chinese citiesItaly inaugurates new Genoa bridge two years after collapse75-year-old Chinese grandpa and his love for endurance sportsFinless porpoises seen in Yangtze River in Yichang, Hubei ProvincePhilippines tightens lockdown due to surge of COVID-19 infectionsWorlds seventh-largest hydropower station starts operatingCommunity workers in Urumqi deliver daily necessities, medicine for residents amid COVID-19Ballet dancers in Edinburgh amid the COVID-19 epidemicHong Kong opens first makeshift hospitalTourists enjoy leisure time in Yongshun County, Chinas HunanMost popular in 24h$(function () {$.ajax({type: “get”,dataType: “json”,url: “/part/6/ecns_rank24h.json”,success: function (status) {var str = “”;$.each(status,function(index,obj){obj.title = obj.title.replace(/'/g, ');str +=+obj[“title”]+;});$(“#rank24″).html(str);},error:function(status){}});});MoreTop newsTrump temporarily escorted out of coronavirus briefing due to shooting outside White House Hong Kong activist Agnes Chow arrested for suspected violation of national security law Lebanese govt resigns after deadly Beirut blast Spanish actor Antonio Banderas tests positive for coronavirus Over 100 bln USD to be needed to ensure access to COVID-19 vaccines: WHO chiefMoreVideoSilk Road and Dunhuang cultural dances mezmerize GansuShanghai pool affords canines barking good timeLINEMedia partners:Peoples Daily Online|Xinhuanet|China.org.cn|ChinaDaily.com.cn|CGTN|Globaltimes.cn|Chinaplus.cri.cn|Shine.cn|JSCHINA|
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