IMF warns coronavirus recession could be worse than 2009 financial crisis; says will require unprecedented response

Washington: The world economy is facing “severe” economic damage from the coronavirus pandemic that could be even more costly than in 2009 and will require an unprecedented response, International Monetary Fund(IMF) chief Kristalina Georgieva said Monday. In comments to finance ministers from the Group of 20 nations, Georgieva called on advanced economies to provide more support to low-income countries, and the IMF stands “ready to deploy all our $1 trillion lending capacity.” As much of the world faces mass shutdowns, Georgieva warned the outlook for global growth in 2020 “is negative – a recession at least as bad as during the global financial crisis or worse.”