IMF warns for ‘Ricochet Impact’

According to International Monetary Fund (IMF), Emerging-market nations’ struggle to move out of covid-19 pandemic-induced economic crisis can hurt developed nations. It said, crisis has “Ricochet impact” on the developed and advanced economies.

Highlights

IMF suggests that, developed nations should doing all to ensure better & equitable access to vaccines and equitable recovery. Poorer nations are facing the risk of increasing interest rates even though, their economies aren’t growing.

What is Ricochet Impact?

Ricochet means rebound, bounce, or skip off from surface, particularly in projectile cases.

International Monetary Fund (IMF)

This international financial institution is headquartered in Washington, D.C. It comprises of 190 countries. They work together to boost global monetary cooperation, secure financial stability, promote high employment, facilitate international trade, and sustainable economic growth. It also takes measures to reduce poverty across the world. It was set up in 1944 but started functioning in 1945 at Bretton Woods Conference. IMF pays an important role in management of balance of payments issues and international financial crises.

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