U.S., China must 'step up' to lead during virus crisis or emerging economies may sink, experts say
Developing economies have spent far less on tackling the pandemic compared to developed countries, said Raghuram Rajan, a finance professor at the University of Chicago's Booth School of Business.
Chinese President Xi Jinping waves to the press as he walks with US President Donald Trump at the Mar-a-Lago estate in West Palm Beach, Florida, April 7, 2017.Both the U.S. and China have to "step up to the plate" and provide global leadership at a time when the world's poorest countries are in trouble due to the pandemic, said a distinguished economist.
"I think the most important difference is: who has been able to stand?" he said, at a conference organized by Singapore-based bank DBS in late July. Citing data from an International Monetary Fund report in June, he pointed out that on average, fiscal and credit measures taken by developed, industrial countries to deal with the pandemic amounted to 20% of gross domestic product.
It has to come from the two biggest countries in the world – China and the United States. Both have to step up to the plate, both have not ... 40 poorest countries in the world clearly ... need more resources to fight the virus.
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