Global economy's recovery hinges on stimulus, virus battle, officials say

Global finance leaders on Tuesday said the world economy had escaped a coronavirus-triggered collapse so far, but warned that failure to conquer the pandemic, maintain stimulus and tackle mounting debt among poor nations could crush a fragile recovery.

"The story is less dire than we thought three months ago, but dire nonetheless," IMF Managing Director Kristalina Georgieva said during a panel discussion that was held virtually. The Group of 20 major economies, in a draft communique seen by Reuters, said the outlook was"less negative" due to the positive impacts from actions already taken, but the recovery will be"uneven, highly uncertain and subject to elevated downside risk."

The freeze aims to free up billions of dollars that poor countries can divert to their pandemic health and economic responses.

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