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IMF Chief: Coronavirus-led Recession Could be Worse Than 2008 Crisis

Written: 2020-03-24 08:15:11Updated: 2020-03-24 09:15:59

IMF Chief: Coronavirus-led Recession Could be Worse Than 2008 Crisis

Photo : YONHAP News

The head of the International Monetary Fund(IMF) has warned that the coronavirus pandemic will cause a global recession that could be worse than the one triggered by the global financial crisis of 2008 and 2009.

IMF Managing Director Kristalina Georgieva presented the gloomy outlook on Monday in a statement after a conference call with finance ministers and central bankers from the Group of 20. 

The IMF chief said that she anticipates negative growth in 2020 and a recession "at least as bad as during the global financial crisis or worse."

Georgieva said that 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 on advanced nations to contribute more funds to help the low-income countries, adding the world body is ready to deploy all of its one-trillion dollars in lending capacity.

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