COVID-19: World’s Economy in recession, worse than in 2009 – IMF Chief

The world’s economy has entered a recession and requires massive funding to help developing nations, Ms Kristalina Georgieva has declared.

Georgieva, the Managing Director of the International Monetary Fund (IMF), explained that this was as a result of the coronavirus (COVID-19) pandemic that has killed thousands of people around the world. She stated this on Friday at a press briefing following a Conference Call of the IMF and Financial Committee (IMFC).

“We have reassessed the prospect for growth for 2020 and 2021. It is now clear that we have entered a recession – as bad as or worse than in 2009,” Georgieva announced.

She added, “We do project recovery in 2021 – in fact, there may be a sizeable rebound, but only if we succeed with containing the virus – everywhere – and prevent liquidity problems from becoming a solvency issue.”