Economic growth in the Asia-Pacific region will likely slow to a standstill in 2020, something that hasn’t happened in the last 60 years, according to the International Monetary Fund.
Changyong Rhee, director of the lender’s Asia and Pacific Department, urged governments in the region to utilize all policy options to support their economies during the coronavirus pandemic, including bilateral and multilateral swap arrangements.
Rhee said 17 countries in the region have expressed interest in the IMF’s two emergency financing instruments — the Rapid Credit Facility and the Rapid Financing Instrument.