IMF: Filling US$15 trillion GDP hole needs reforms

“The same energy that is being put into vaccination and plans for recovery spending also needs to be put into growth measures to make up for this lost output,” IMF first deputy managing director Geoffrey Okamoto said in a blog published on the Washington-based fund’s website Tuesday.

WASHINGTON: Countries need to consider undertaking “difficult reforms” across product, labour, and financial markets to fill the estimated US$15 trillion (RM63.6 trillion) global output gap caused by the Covid-19 crisis, according to a top International Monetary Fund (IMF) official.

“The same energy that is being put into vaccination and plans for recovery spending also needs to be put into growth measures to make up for this lost output,” IMF first deputy managing director Geoffrey Okamoto said in a blog published on the Washington-based fund’s website Tuesday.