AGENCIES, Washington: The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, International Monetary Fund (IMF) chief Kristalina Georgieva said on Friday.
“It is clear that we have entered a recession that will be worse than in 2009 following the global financial crisis,” she said in a press briefing.
“Global growth in 2020 will dip below its last year’s levels,” said Georgieva, “but how far it will fall and how long the impact will be, is still difficult to predict.”
With the worldwide economic sudden stop, Georgieva said, the fund’s estimate “for the overall financial needs of emerging markets is $2.5 trillion”. But she warned that “we believe this is on the lower end”.
Over 80 countries already have requested emergency aid from the International Monetary Fund.