IMF says coronavirus recession will be worse than 2008, as UN appeals for aid for poorest economies

Article Link: https://www.cbc.ca/news/world/coronavirus-economy-imf-un-1.5506937

Discussion posted by: Arye ben-Shaoul

The coronavirus pandemic will cause a global recession in 2020 that could be worse than that seen during the global financial crisis of 2008-2009, but the world’s economic output should recover in 2021, the International Monetary Fund (IMF) said Monday. IMF managing director Kristalina Georgieva welcomed extraordinary fiscal actions already taken by many countries to boost health systems and protect affected companies and workers, and steps by central banks to ease monetary policy, adding, “even more will be needed, especially on the fiscal front.” Georgieva issued the new outlook after a conference call of finance ministers and central bankers from the Group of 20 of the world’s largest economies, who she said agreed on the need for solidarity across the globe.