U.S., China must ‘step up’ to lead in the coronavirus crisis or emerging economies may sink, experts say
2020-08-03 09:41:23 source：CNBC
August 2, 2020
Both the U.S. and China have to “step up to the plate” and provide global leadership at a time when the world’s poorest countries are in trouble due to the pandemic, said a distinguished economist.
The coronavirus outbreak, which has led to countrywide lockdowns globally, has done “extreme damage” to the global economy, said Raghuram Rajan, a finance professor at the University of Chicago’s Booth School of Business.
“I think the most important difference is: who has been able to stand?” he said, at a conference organized by Singapore-based bank DBS in late July. Citing data from an International Monetary Fund (IMF) report in June, he pointed out that on average, fiscal and credit measures taken by developed, industrial countries to deal with the pandemic amounted to 20% of gross domestic product.
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