Anthony Iwuoma
The International Monetary Fund (IMF) on Friday said the deadly coronavirus pandemic has thrown the world’s economy into an even worse recession than the 2009 crisis.
Speaking at a press conference following a Conference Call of the IMF and Financial Committee (IMFC),the IMF Managing Director, Ms Kristalina Georgieva, disclosed that it would require huge funding to refloat the global economy.
According to IMF boss: “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.
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“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.”
She said that the main worry about the effect of COVID-19 on the global economy was the likely risk of a spate of bankruptcies and job losses that could affect many societies.
However, Georgieva pointed out that some countries have already taken steps to avert this occurrence by tackling the crisis in their health sector.
