World experiencing a new Bretton Woods moment: IMF

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said that the world faces a new Bretton Woods moment in the form of a pandemic that has already cost more than a million lives and an economic calamity that will make the world economy 4.4 percent smaller this calendar year and strip an estimated USD 11 trillion of output by the next calendar year. Bretton Woods was where the allies at the end of World War II gathered for a conference to create the institutions that would use economic cooperation to prevent future conflicts. Prudent macroeconomic policies and strong institutions are critical for growth, jobs and improved living standards, she said.