The IMF has recently discarded its previous forecasts of growth, globally as well as of individual countries. It has also said that the economic fallout of the current crisis would be severe. The Chief Economist of the IMF has advocated ramping up a broad-based and coordinated stimulus once the disease has been contained, a measure that would help avoid the errors of the Great Depression years when premature efforts to prune budget deficits prolonged the downturn.
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