As the coronavirus rampage continues, International Monetary Fund's Chief Economist Gita Gopinath talks about the fallout of the pandemic, and what could be done to bring Indian economy back on track. Talking at India Today E-Conclave Corona Series, Gopinath said the biggest concern is that the impact of coronavirus pandemic could spill into the second hald of 2020. She also said that IMF strongly supports the steps taken by India.
Responding to a question, Gopinath said, "You need to respond very quickly to make sure that financial markets are not deeply disrupted, that there is sufficient liquidity in the system."
Follow Live updates from India Today E-Conclave Corona Series with Gita Gopinath on BusinessToday.In:
6.56 pm: Countries which do not have a strong health system should invest in that; prepare a better social security net, says Gopinath.
6.55 pm: Very hard for us to predict the extent of this outbreak, says Gopinath.
6.52 pm: Bigger concern is that this pandemic will spill into the second half of 2020, says Gopinath.
6.51 pm: Loss of $9 trillion expected, says Gopinath.
6.49 pm: We (IMF) are well-resourced at this point of time, says Gopinath.
6.47 pm: Redirecting spending not enough, scale of spending has to be expanded too, says Gopinath.
6.46 pm: Crucial for monetary policy to keep up with developments, says Gopinath.
6.45 pm: We strongly support steps taken in India, says Gopinath.
6.42 pm: MSMEs, low income households must be supported, says IMF's Gita Gopinath.
6.41 pm: Once we are past this, it is very, very important that we do not indulge in protectionism, says Gopinath.
6.38 pm: More than 100 countries have approaced the Fund (IMF); we have responded very quickly, says Gopinath.
6.37 pm: It's also important to keep track of the financial vulnerabilities that might be building up, says Gopinath.
6.35 pm: You need to respond very quickly to make sure that financial markets are not deeply disrupted, that there is sufficient liquidity in the system, says Gopinath.
6.32 pm: First time since the Great Depression, both emerging and advanced economies are in recession, says Gita Gopinath.