Friday, July 19

IMF Warns Coronavirus Recession Could Be Worse Than 2009

The world economy is facing “severe” economic damage from the coronavirus pandemic that could be even more costly than in 2009 and will require an unprecedented response, IMF chief Kristalina Georgieva said Monday.

In comments to finance ministers from the Group of 20 nations, Georgieva called on advanced economies to provide more support to low income countries, and the IMF stands “ready to deploy all our $1 trillion lending capacity.”

As much of the world faces mass shutdowns, Georgieva warned the outlook for global growth in 2020 “is negative a recession at least as bad as during the global financial crisis or worse.

Starting fom China, the pandemic has continued to spread globally, with the total number of infected cases reaching 358,735 and 15,433 deaths. Several countries have locked down completely, while others have shut down their international borders to stop the spread of the virus.