We Have Entered Recession Which Will be Worse Than 2009 Financial Crisis: IMF Chief

Washington: IMF Chief Kristalina Georgieva on Friday, in an online briefing, said that Coronavirus Pandemic has gravely affected the global economy, which would require massive funding for the developing nations.

“It is clear that we have entered a recession,” news agency AFP quoted her as saying. She added that this will be worse than in 2009 following the global financial crisis.

“It is now clear that we have entered a recession. We project a rebound in 2021, but only if we contain the virus and prevent liquidity problems from becoming a solvency issue,” she asserted.