China COVID-19 Measures Provide 'Potent' Stimulus to Economy - IMF Chief

WASHINGTON (Pakistan Point News / Sputnik - 16th October, 2020) China's containment of the coronavirus and its response to the pandemic has been integral to its economic recovery and ability to post growth for this year, the only country to do so, International Monetary Fund Managing Director Kristalina Georgieva said Thursday.

"China has taken to containing the pandemic very decisively and with measures to provide a potent stimulus for the economy," Georgieva said at the 42nd meeting of the IMF-led International Monetary and Financial Committee. "And we see the outcome in the performance of the Chinese economy and our projections for its future for next year."

The IMF released its latest World Economic Outlook this week, predicting global gross domestic product will contract by 4.

4 percent in 2020. China was the only economy to show a positive growth in 2020, with its gross domestic product forecast to expand 1.9 percent this year, according to the report.

For 2021, the IMF projects Chinese GDP will grow by 8.2 percent.

Despite the praise from the IMF, as well as the World Health Organization, for its handling of the pandemic and response, China has been sharply criticized by the United States, particularly President Donald Trump, who accuses it of creating and spreading the COVID-19 which he calls the "China virus".

Georgieva told Thursday's IMF meeting that a global economic recovery from the COVID-19 was underway but it will be partial, uneven and marked by significant uncertainty, requiring relentless fiscal support.