“The International Monetary Fund (IMF) declared officially on Friday that the global economy has entered recession thanks to COVID-19.
“The Head of the IMF, Kristalina Georgieva, said it is now clear that “we have entered a recession – as bad as or worse than in 2009.”
“During the news briefing on Friday she also suggested that the length and depth of this recession depend on two things: containing the virus and having an effective, coordinated response to the crisis.
“I’m very encouraged by what I see now. I see much clearer understanding [among global leaders] that if we don’t beat it everywhere, we won’t be able to get out of it,” she added.
“The IMF has taken extraordinary measures in efforts to contain the spread of the COVID-19, particularly the repercussions it will have on the global economy.
“On March 16 the international body said it “stands ready” to use its $1 trillion lending capacity to help countries around the world that are struggling with the humanitarian and economic impact of the novel coronavirus.”
Copyright @ 2020, Solomon Times on Line.
