It could be worse than the one triggered by the global financial crisis of 2008-2009.
The coronavirus pandemic will cause a global recession in 2020 that could be worse than the one triggered by the global financial crisis of 2008-2009, but world economic output should recover in 2021, the International Monetary Fund said on Monday.
“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 said. Earlier this month, Georgieva had warned that 2020 world growth would be below the 2.9% rate seen in 2019, but stopped short of predicting a recession. Trade wars pushed global growth last year to the lowest rate since a 0.7% contraction in 2009.
Advanced economies were generally in better shape to deal with the crisis, but many emerging markets and low-income countries face significant challenges, including outward capital flows. The IMF called again on members to contribute funds to replenish its Catastrophe Containment and Relief Trust to help the poorest countries.
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