Economist: The Corona Vaccine Discovery becomes the Main Key to Improving the Global Economy

TRIBUNBATAM.id - Global economic growth this year is projected to experience pressure due to the outbreak of the Corona virus since the beginning of this year.

Senior economist Fauzi Ichsan said, just over 2 months, the Corona virus has spread, the projected economic growth has been cut to a level of 2.5 percent from the previous 2.9 percent.

"The stock market fell, commodity prices plummeted, exacerbated by the oil war between Russia and Saudi Arabia," he said in Jakarta, Wednesday (11/3/2020).

According to him, the pharmaceutical industry has an important role today to reduce the negative impact of the corona virus on the global economy. 

The pharmaceutical industry is expected to be able to immediately find a corona vaccine that has take the lives of more than 4,000 people. 

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"So, global economic activity depends on how quickly the discovery of a drug for the virus, as well as its distribution," he said.

Furthermore, the former Chief Executive of the Indonesia Deposit Insurance Corporation assessed that with the discovery of vaccines, market confidence can be expected to increase again.

In addition, he also encouraged governments in various countries to issue stimulus in the form of monetary and fiscal policies. 

For fiscal policy, Fauzi pointed out that the benchmark interest rate cut has been carried out by various world central banks.

"This must be assisted with fiscal, the government still has a deficit space, so there is room to increase fiscal stimulus. After all, global interest rates are currently low, US Treasury for example," he said. (*) 

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