“The expected speed and depth of the contraction in the global economy is unprecedented, much worse than during the 2008-09 financial crisis. Countries are already taking significant fiscal measures amounting to about $8 trillion globally. What started as a health crisis is now a major global economic crisis, he said. “Meanwhile, large, timely, temporary, and targeted fiscal measures are needed to protect the most-affected people and viable firms, including in hard-to-reach informal sectors. As the virus is contained and people return to work, broad-based fiscal measures become more effective.

Source: The Hindu April 15, 2020 13:52 UTC