International Monetary Fund expects global recession in 2020

Pedestrians are scarce in the City of London the financial district during what is normally the morning rush hour in London Britain

In an overarching review of the novel coronavirus's impact on the global economy, Georgiev said she anticipates negative growth in 2020 and a recession "at least as bad as during the global financial crisis or worse".

He said the economic shock is already bigger than the financial crisis and the world will take years to recover from the coronavirus pandemic.

"These bold efforts are not only in the interest of each country, but of the global economy as a whole", she said in the statement. "Many countries are already taking unprecedented measures", she said.

Indonesia, the world's fourth most populous country and the 15-largest economy in the G20, came into the global campaign rather late as it did not announce any confirmed COVID-19 cases until March 2. Because of the capital withdrawal from these worldwide locations, they've been adversely affected and home actions might be severely affected.

Investors have actually now gotten rid of $83 bn from emerging markets thinking about that the start of the crisis, the greatest capital outflow ever tape-recorded, Georgieva mentioned.

Georgieva said that emerging markets and low-income countries "face significant challenge" and may need more financial support and even debt relief.

Georgieva said the International Monetary Fund would massively step up emergency finance, noting that 80 countries have already requested help and that the International Monetary Fund stood ready to deploy all of its $1 trillion in lending capacity.

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The IMF said it's ready to lend its entire $1 trillion war chest to help countries get things under control - and it's clearly optimistic about the effect of its contribution, having projected a rebound in growth for the global economy in 2021.

"We are exploring this option with our membership", she added. One other main motive for the falling gold value is the discharge of a $ 1 trillion stimulus package deal by the United States authorities, which may ship $ 1,000 to Individuals over the subsequent two weeks to maintain the financial system. 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.

· Major central banks have initiated bilateral swap lines with emerging market countries.

"This will require a double-digit of GDP support in the developed world and creating the conditions through the International Monetary Fund, through the swaps among central banks, through the creation of new facilities", he said.

It also projected a global recovery in 2021 if countries are able to fight the virus quickly, noting that investors had already removed US$83billion from emerging markets since the beginning of the crisis, the largest capital outflow ever recorded.

An economic recovery is expected to follow next year - as long as world leaders strive to control the disease, she said.

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