Ricochet Impact

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26 May Ricochet Impact

Posted at 26 May 2021 in Current Affairs by
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(GS PAPER-3, ECONOMY

SOURCE- FINANCIAL TIMES)

Context:

According to the International Monetary Fund (IMF), Emerging-market nations’ struggle to move out of covid-19 pandemic-induced economic crisis can hurt developed nations. It said, the crisis has a “Ricochet impact” on the developed and advanced economies.

What is Ricochet Impact:

Ricochet means rebound, bounce, or skip off from the surface, particularly in projectile cases.

Key points:

IMF suggests that developed nations should do all to ensure better & equitable access to vaccines and equitable recovery. Poorer nations are facing the risk of increasing interest rates even though, their economies aren’t growing.

International Monetary Fund (IMF)

  • This international financial institution is headquartered in Washington, D.C. It comprises 190 countries.
  •  They work together to boost global monetary cooperation, secure financial stability, promote high employment, facilitate international trade, and sustainable economic growth. 
  • It also takes measures to reduce poverty across the world. 
  • It was set up in 1944 but started functioning in 1945 at Bretton Woods Conference.
  •  The IMF plays an important role in the management of balance of payments issues and international financial crises.

 

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