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Global economy in downturn, IMF says

Published : Saturday, 28 March, 2020 at 4:55 PM  Count : 219

Global economy in downturn, IMF says

Global economy in downturn, IMF says

The head of the International Monetary Fund said that it was clear that the global economy has now entered a recession that could be as worse than the 2009 downturn.

IMF Managing Director Kristalina Georgieva said the 189-nation lending agency was forecasting a recovery in 2021, saying it could be a massive comeback. But she said this would only happen if nations contain coronavirus and are able to limit economic losses.

“A key concern about a long-lasting impact of the sudden stop of the world economy is the risk of a wave of bankruptcies and layoffs that not only can undermine the recovery but erode the fabric of our societies,” she told reporters at a news conference following a telephone conference with finance officials from the 24 nations that make up the IMF’s policy-setting panel.

She said that the IMF is now updating its economic outlook and that it will be released within a few weeks, giving the agency more time to evaluate the virus's economic effects.

Asked if America was in recession now, she noted that Federal Reserve Chairman Jerome Powell said Thursday that the United States "could be a recession." 

She said that hse believes that not only the United States but also many more advanced economies and several developing countries have already entered into recession.

Georgieva says low-income countries are severely affected by the spreading coronavirus, with six countries now seeking assistance to support an IMF's emergency financing program.

She announced that Kyrgyzstan would receive the first IMF support package for $120.9 million to counter the virus.

She reiterated a promise that the IMF is ready to provide all trillions of dollars in all trillions of dollars to the countries affected by the virus.-Internet


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