Shared Responsibility, Global Solidarity: Responding to the socio-economic impacts of COVID-19
The coronavirus disease (COVID-19) is attacking societies at their core. The IMF has just reassessed the prospect for growth for 2020 and 2021, declaring that we have entered a recession – as bad as or worse than in 2009. The IMF projects recovery in 2021 only if the world succeeds in containing the virus and take the necessary economic measures. In the face of such an unprecedented situation in recent history, the creativity of the response must match the unique nature of the crisis – and the magnitude of the response must match its scale. No country will be able to exit this crisis alone.This report is a call to action, for the immediate health response required to suppress transmission of the virus to end the pandemic; and to tackle the many social and economic dimensions of this crisis. It is, above all, a call to focus on people – women, youth, low-wage workers, small and medium enterprises, the informal sector and on vulnerable groups who are already at risk.