Washington DC - On August 27 and 28, the US Federal Reserve and other government central banks meet for their annual retreat. Traditionally held in the picturesque location of Jackson Hole, Wyoming, this year the meeting will take place virtually under the theme “Navigating the decade ahead: Implications for monetary policy.”
“Government banks are grappling with a global economy projected to worsen,” said Eric LeCompte, the Executive Director of Jubilee USA Network. “The meeting will give us a view of what role central bankers wish to play in the battle against the economic impacts of the coronavirus.”
The global economy is expected to contract by almost 5%. Emerging market and developing economies already held historically high levels of debt before the COVID-related crisis. Latin America is expected to contract about 10%.
These economic forecasts translate to United Nations projections that poverty will increase for the first time in 20 years. Ultimately, more than 130 million people will fall into extreme poverty during the next decade.
“The fate of the economy and global poverty levels are intertwined,” said LeCompte.