IMF Leader Says Recession Sparked by Coronavirus Pandemic

IMF Leader Says Recession Sparked by Coronavirus Pandemic

The head of the International Monetary Fund says the recession sparked by way of the coronavirus pandemic is “manner worse” than the 2008 global recession.

IMF director Kristalina Georgieva is describing the state of affairs as “a crisis like no other.” “Never in the history of the IMF have we witnessed the world economic system coming to a standstill,” she said.

“We are actually in recession, it is manner worse than the international monetary crisis, and it’s far a disaster that requires anybody to come together,” Georgieva says ninety nations have already approached the group for emergency financing.

She is calling on nations to prioritise health expenditures and to ensure doctors, nurses and other medical experts are paid. She adds that the world’s maximum fragile countries must be protected, noting that “USD 90 billion have flown out” and damaged emerging economies.