Resurgence in coronavirus cases could worsen US’ current economic contraction and trigger systemic increase in poverty, IMF says
Potential to lead to systemic increase in poverty
"There are already urgent warning signs that the depth of the economic contraction and the sectoral distribution of economic losses will lead to a systemic increase in poverty," the IMF said. The Washington-based crisis lender said the recovery "will require a further round of fiscal measures in the coming months that boost demand, increase health preparedness, and support the most vulnerable."
"The US has fiscal space and it should be deployed quickly to hasten the recovery from the second-quarter contraction, permanently improve the social safety net, and facilitate a broader remaking of the US economy," it said. The coronavirus has infected more than 3.5 million Americans and killed nearly 140,000, both figures leading the world. The country shattered a daily record on Thursday, reporting more than 77,000 new cases, a Reuters tally showed.
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