International Monetary Fund chief Kristalina Georgieva
International Monetary Fund chief Kristalina Georgieva|Friends of Europe | Wikimedia Creative Commons Licence
NEWS

COVID-19: We have entered a recession worst than 2009: IMF Chief

Containment main reason for the world economy to stand still and get into recession

Team EastMojo

Team EastMojo

New Delhi: Due to the coronavirus pandemic impacting the global economy, the International Monetary Fund (IMF) chief, Kristalina Georgieva on Friday said that it will require massive funding to help developing nations.

"It is clear that we have entered a recession that will be worse than in 2009 following the global financial crisis," she said in an online press briefing.

With the worldwide economic activity coming to a "sudden stop," Georgieva said the fund's estimate "for the overall financial needs of emerging markets is $2.5 trillion." But she warned that "this is on the lower end."

The key to recovery in 2021, she said, is only if the international community succeeds in containing the virus everywhere.

Stressing that while containment is the main reason for the economy to stand still and get into a recession, she said containment is very necessary to come out of this period and step into recovery.

Meanwhile, the global infections due to the Covid-19 have crossed 5,60,000 mark.

As many as 25,410 people have died so far due to the virus. UK Prime Minister Boris Johnson on Friday tested positive for coronavirus.

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