The coronavirus pandemic will cause a global recession in 2020 that could be wor...
FILE PHOTO: IMF Managing Director Kristalina Georgieva speaks during a conference hosted by the Vatican on economic solidarity, at the Vatican, February 5, 2020. REUTERS/Remo Casilli/File Photo
WASHINGTON - The coronavirus pandemic will cause a global recession in 2020 that could be worse than that seen during the global financial crisis of 2008-2009, but the world’s economic output should recover in 2021, the International Monetary Fund said Monday. IMF Managing Director Kristalina Georgieva welcomed extraordinary fiscal actions already taken by many countries to boost health systems and protect affected companies and workers, and steps by central banks to ease monetary policy, adding, “Even more will be needed, especially on the fiscal front.”
She said the IMF would massively step up emergency finance, noting that 80 countries had already requested its help. The Fund was ready to deploy all of its $1 trillion in lending capacity, she said.
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