The International Monetary Fund (IMF) reported that the COVID-19 pandemic will cause a global recession in 2020. The recession could be worse than the global financial crisis of 2008-2009. It is also expected that the world economic output should recover in 2021. The information was passed by the IMF Managing Director Kristalina Georgieva.
♦ Many countries have taken extraordinary measures to boost health systems and protect affected companies and workers.
♦ Also, several steps have been taken by central banks of the countries to ease monetary policy.
♦ The finance ministers and central bankers from the Group of 20 (G20) of the world's largest economies agreed on the need for solidarity across the globe.
♦ IMF has asked all the countries to work together to protect people and limit the economic damage due to the COVID-19.
♦ IMF asked its members to contribute funds to its Catastrophe Containment and Relief Trust in order to help the poorest countries.