WASHINGTON, Oct 14 — As demands increase on their limited resources, governments will need to raise taxes on wealthier families and firms and target spending away from protecting “old jobs,” the IMF said today. As countries continue to struggle with the economic damage inflicted by the...
As countries continue to struggle with the economic damage inflicted by the Covid-19 pandemic, the IMF’s Fiscal Monitor report also urges policymakers to invest in job-creating projects like infrastructure and green energy. — AFP pic
Governments have injected a stunning US$12 trillion into the global economy since the start of the pandemic, but now “many countries will need to do more with less, given increasingly tight budget constraints,” Vitor Gaspar, head of the IMF’s Fiscal Affairs Department, said in a blog post about the report.
With low interest rates making borrowing easier, boosting public investment — beginning with maintenance and ramping up projects — can create jobs and spur economic growth.
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