WASHINGTON, Nov. 2 (Xinhua) -- Gita Gopinath, chief economist of the International Monetary Fund (IMF), on Monday urged policymakers to provide more fiscal stimulus to boost the recovery from the COVID-19 pandemic as the global economy is in a liquidity trap.
"For the first time, in 60 percent of the global economy -- including 97 percent of advanced economies -- central banks have pushed policy interest rates below 1 percent. In one-fifth of the world, they are negative," Gopinath wrote in an op-ed article in the Financial Times, adding central banks have little room to further cut interest rates if another shock strikes.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
