In the joint communique of the G20 finance ministers and central bankers meeting at Saudi Arabia over the weekend, it’s noted that “global economic growth remains slow and downside risks to the outlook persist, including those arising from geopolitical and remaining trade tensions, and policy uncertainty.” The group also pledged to “will enhance global risk monitoring, including of the recent outbreak of COVID-19. We stand ready to take further action to address these risks.”.
Separately, IMF Managing Director Kristalina Georgieva said, “in our current baseline scenario, announced policies are implemented and China’s economy would return to normal in the second quarter… As a result, the impact on the world economy would be relatively minor and short-lived.” She added, “but we are also looking at more dire scenarios where the spread of the virus continues for longer and more globally, and the growth consequences are more protracted”.
