IMF warns on severe recession in 2020 due to coronavirus

IMF projects negative global growth for 2020, recovery in 2021

Coronavirus recession could be worse than 2009: IMF

IMF Handling Director Kristalina Georgieva welcomed fantastic financial actions now taken by numerous countries to boost health systems and safe affected employees and business, and actions taken by reserve banks to eliminate financial policy.

"The human costs of the coronavirus pandemic are already immeasurable and all countries need to work together to protect people and limit the economic damage", Georgieva was quoted as saying by AFP.

More countries are imposing lockdown measures to contain the rapidly spreading coronavirus.

Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva has said at least $83bn has been pulled out of emerging economies since the Covid-19 outbreak.

On the other hand, the IMF expects an economic recovery to follow in 2021, she said, adding that the organization welcomes "extraordinary fiscal actions" and monetary easing measures in many countries that their central banks have chose to take.

"This is a team effort to kill this virus and provide economic relief", Mr Mnuchin said.

Georgieva warned that many emerging markets and low-income countries face "significant challenges" as there are already capital outflows from poorer nations.

"We are particularly concerned about low-income countries in debt distress - an issue on which we are working closely with the World Bank", she stated.

Saudi Arabia as the chair of the G-20 in a statement said the participants discussed the role of the IMF, working closely with the World Bank Group and other worldwide financial institutions to deploy all available resources and explore additional measures needed to support financial stability and alleviate liquidity constraints for emerging markets and developing economies. Final decision will be at the discretion of the Taipei Times. The fund said it's also exploring a possible proposal that would help facilitate a broader network of swap lines, including through an IMF-swap type facility.

The spread of the exceptionally contagious COVID-19 breathing illness induced by the coronavirus has actually drawn contrasts with wrecking durations such as World War II, the 2008 financial crisis, and the 1918 Spanish influenza.

G20 ministers of Finance and central banks governors have revealed an agreement to adopt three tracks to reduce the repercussions of the coronavirus on global economy. The World Bank also announced it could deploy 150 billion dollars over the next 15 months to help developing countries recover.

Still, the group foresees a recovery soon after, the IMF's managing director Kristalina Georgieva said.

Reuters reported that challenge would be especially daunting for fragile and conflict-torn states such as Iraq, Sudan and Yemen, Director of the Middle East and Central Asia Department, Jihad Azour, wrote in an online International Monetary Fund blog.

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