The director of the International Monetary Fund, Kristalina Georgieva, said that the global economic downturn caused by coronavirus has been so acute that over half of the world’s countries have already asked for emergency funding by skleb1234
With widespread lockdowns and business shutdowns roiling the global economy, over half of the world has already asked the IMF for a bailout, Georgieva“This is an emergency like no other,” the IMF director said. “For that reason, we are providing funding very quickly.”
The IMF has a $1 trillion war chest to dole out emergency funding to its member countries as they try to contain the spread of coronavirus and mitigate its economic impact.on Tuesday that it expects the global economy to contract by 3% this year, stressing that international markets are hurtling toward the “worst recession since the Great Depression.”
The IMF director cautioned that global economic output could fall even further if the coronavirus takes a “double trip” around the world and countries get hit by a second wave of new infections.that the economic fallout from coronavirus was already “way worse than the global financial crisis of 2008.
on Monday. She added that further resources may be needed, however, as the crisis hits developing countries with a vengeance.that the global economy could recover by 2021, growing by 5.8% if the coronavirus is effectively contained and new cases start to level off. Total economic output for next year is still expected to be less than in 2019, even with a resurgence in growth.
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