The level of uncertainty in regards to the global economy is still high - the Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF) Jihad Azour told The Checkpoints in an exclusive interview conducted by Elene Kvanchilashvili.
According to Azour, there are certain factors that might be considered while speaking of the uncertainty. “There is the risk risk of another wave of COVID already which we see in certain countries including in Europe – Azour told The Checkpoints, adding that there are questions in that regard as well like how fast the vaccine can be developed and can be deployed? Also, what is going to be shape of the global economy?
“Therefore, this level of uncertainty requires to be vigilant and make sure that the policies are well set” - the Director of the Middle East and Central Asia Department said.
According to Jihad Azour, effective policies should have three main aims. Respond to any risk of the second wave of the pandemic: this means protecting lives and livelihoods; Repair Sectors that have been affected by the crisis: Azour says in case of Georgia this sector would be tourism which is very large in job creation and sectors like this need also some protection; Prepare for the recovery: This means finding solutions in order to address the impact that this crisis has inflicted for many on the global economy.
“It has led to an increase of debt and decline in growth, and also increase in the challenges for economies going forward - the Director of the Middle East and Central Asia Department Jihad Azour told The Checkpoints - especially in the sectors that are affected by the crisis”.
