COVID-19: World’s Economy In Recession, Worse Than In 2009, Says IMF

3588

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.”

IMF

@IMFNews

.@KGeorgieva: It is now clear that we have entered a recession. We project a rebound in 2021, but only if we contain the virus and prevent liquidity problems from becoming a solvency issue. http://ow.ly/ryji50yXK6P  #COVID19

READ ALSO:   IMF: Why We Approved Nigeria’s $3.4bn Emergency Loan Request
SHARE
Previous articleClem Agba, A Daring Team Leader, @56, By Sufuyan Ojeifo
Next articleBREAKING: Nigeria’s Confirmed COVID-19 Cases Hit 81
diplomat
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here