IMF Reports Pandemic Economic Outlook Uncertain

Washington DC – "The pandemic will reverse the progress made since the 1990s in reducing global poverty and will increase inequality," states the IMF in its flagship World Economic Outlook report. 

"The forecasts of rising inequality and tens of millions of people falling into extreme poverty must be averted," stated Eric LeCompte who monitors the IMF and is the Executive Director of the religious development group Jubilee USA Network. "We can reverse these dire predictions with strong aid packages and deep debt relief for all developing countries."

According to the Fund, the crisis could drive 90 million more people into extreme poverty, living on less than $1.90 a day.

"We have the resources and the ability to act now," said LeCompte. "We cannot allow decades of development to be lost." 

Some wealthy countries are rebounding more quickly due to stimulus, according to the IMF.

"While IMF forecasts remain uncertain due to the depth of the crisis, the Fund predicts inequality will deepen between rich and poor countries," noted LeCompte.

Read the IMF's World Economic Outlook report and watch the press briefing here.

Read about the IMF extending a process to cancel debt payments for the world's 28 poorest countries here.

Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org