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Even worse than in 2009: IMF head announces a global crisis

Even worse than in 2009: IMF head announces a global crisis

The economic crisis could end in a year if the world overcomes a pandemic

The global economy is entering a recession, and on worse conditions than in 2009. Such a statement was made by the head of the International Monetary Fund Kristalina Georgieva on Friday, March 27.

“Now it is clear to everyone that we have entered a recession, which is just as terrible or even worse than in 2009. We expect a recovery in 2021, a significant recovery, but only if we manage to cope with the virus around the world and prevent liquidity problems.” She said.

According to Georgieva, the coronavirus pandemic will lead to a reduction in the global economy in 2020. The world is in an unprecedented situation when the global health crisis has turned into an economic and financial crisis.

The organization, she said, is considering the use of preventive loans to create protective mechanisms in case of new negative consequences of the crisis, as well as the allocation of liquid funds.

We have received many requests for emergency funding in connection with the consequences of the coronavirus, “said Georgieva.

The head of the Fund emphasized that due to the lack of funds in many developing countries, the IMF is exploring additional opportunities that go beyond the traditional IMF lending mechanisms.

Georgieva advised authorities around the world “as decisively” to take economic measures to mitigate the effects of the pandemic.

The Organization for Economic co-operation and Development has found that every month quarantine in developed economies will cost two percentage points of GDP growth. Such calculations led in the materials prepared by the organization for the virtual summit of the “Big Twenty” (G20), which was held on March 26.

We also talked about how global analytical companies and economic experts believe that because of the coronavirus pandemic, the world is entering a new economic crisis.

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