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Coronavirus will bring global recession worse than 2009: IMF

Last updated on March 26, 2020


IMF Chief Kristalina Georgieva stated that the global economic system is dealing with an enormous disaster because of the outbreak of Coronavirus pandemic. 

Mar 25, 2020 17:25 IST

IMF on Global Slowdown as a consequence of COVID-19: Many international locations of the world have been declared lockdown as a consequence of Coronavirus or COVID-19 outbreak. Indian Prime Minister Narendra Modi has additionally introduced the whole lockdown of the nation for subsequent 21 days on March 24, 2020. Now, the International Monetary Fund (IMF) has stated that the global economic system is slowing down quickly and it may be worst than 2009’s recession.

IMF Chief Kristalina Georgieva stated that the global economic system is dealing with an enormous disaster because of the outbreak of Coronavirus pandemic. This loss could be so massive that there’s a risk of an enormous financial slowdown even than the 12 months 2009. The IMF has stated that international locations have to take unprecedented steps to cope with it.

IMF on Global Slowdown

According to the IMF, the world economic system has fallen by 1.5% because of the present shutdown. Investors have eliminated their investments from rising markets. Also, the outlook for global development for 2020 is detrimental. The International Monetary Fund will present USD 1 trillion to battle the Coronavirus. More than 80 international locations have requested emergency funds from the International Monetary Fund.

Challange for rising economies

Global traders have withdrawn funding of almost USD 83 billion from India and lots of rising markets because of the Coronavirus. Coronavirus has left a worse influence on global economies. IMF has additionally stated that COVID-19 pandemic will have a worse impact on growing and smaller international locations than developed international locations. IMF additionally stated that developed and wealthy international locations ought to assist poor and growing international locations.

Next Year’s expectation

The IMF is especially involved about low-income international locations and is working carefully with the World Bank to offer loans to them. IMF is kind of certain that financial slowdown will have an effect on the whole world. However, the state of affairs could enhance within the 12 months 2021. IMF stated that it’s extra necessary to manage the spreading an infection of the Coronavirus.

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