Friday, May 14, 2021
 

‘US-China cooperation vital to global recovery’

 

Latest Stories

Security audit of DITO pushed amid Chinese incursions

SENATOR Risa Hontiveros prodded the National Security Council anew to conduct a security audit of DITO Telecommunity, the third...

Duterte invites Enrile to discuss West Philippine Sea issues in ‘Talk to the People’ program

PRESIDENT Rodrigo Duterte has invited in his next televised address former senator Juan Ponce Enrile to discuss issues concerning...

GIR balloons to 3-month high at end-April

BOND issuances by the national government and higher gold prices increased the country’s gross international reserves (GIR) to a...

Israel threatens Gaza ground invasion despite truce efforts

JERUSALEM: Israel on Thursday said it was massing troops along the Gaza frontier and calling up 9,000 reservists ahead...

DepEd launches ‘Vacc2School’ campaign

THE Department of Education (DepEd) launched a campaign to encourage teaching and non-teaching personnel to get vaccinated against the...

WASHINGTON, D. C.: Cooperation between the United States and China, the world’s two largest economies, would be vital for a faster global recovery from the coronavirus disease (Covid-19) pandemic, the managing director of the International Monetary Fund (IMF), Kristalina Georgieva, said on Thursday (Friday in Manila).

“What we see today is the [United States] and China being the two engines that are powering up the world economy. They are the first to be able to reach their pre-Covid levels among the large economies,” Georgieva told Xinhua at a virtual press conference after a meeting of the International Monetary and Financial Committee (IMFC), the policy-setting body of the IMF.

“Like the engines on a plane on which we are all passengers, it is important that they work in sync. Then we can fly faster and we can get farther,” she said.

Georgieva noted that she was “very encouraged” to see a very consistent view expressed by the United States and China on prospects for the recovery and their recognition of the responsibility they have for positive spillover impacts, as well as to recognize their significant roles.

“Other economies are also coming up, and that global cooperation, paying attention to who may be falling behind, is what has been at the center of our meetings,” she said.

The IMFC also pledged to work together to end the pandemic everywhere and “strengthen multilateral cooperation” to ensure an inclusive and resilient global economy.

 

In its latest World Economic Outlook released on Tuesday, the IMF projected that the global economy will grow by 6 percent in 2021, 0.5 percentage point above its January forecast.

The US economy is expected to grow by 6.4 percent this year after a 3.5-percent contraction in 2020, while the Chinese economy is projected to expand by 8.4 percent in 2021 following a growth rate of 2.3 percent last year, according to the IMF.


 
 

Weather

Today's Front Page

TRY OUR DIGITAL EDITION
FREE FOR 30 DAYS

ALREADY A SUBSCRIBER?