IMF head announces start of world recession - ForumDaily
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The head of the IMF announced the beginning of a world recession

The global economy plunged into a recession no less than in 2009, said Kristalina Georgieva, managing director of the International Monetary Fund (IMF), reports RBC.

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“The decline for 2020 is expected to be quite deep,” the head of the IMF said during a briefing, warning that recovery in 2021 could only begin if the spread of COVID-19 coronavirus infection could be controlled.

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Georgieva sees a particular threat in the possibility of a wave of bankruptcies and job cuts, which can not only undermine the ability of the economy to recover, but also destroy the very foundation of society.

In this regard, the head of the IMF called on all countries to “aggressively” counteract the spread of the disease and support the economy in order to shorten the global recession and prevent too deep a fall.

According to Georgieva, the IMF has already recorded an unprecedented surge in requests for emergency financing. About 80 countries have already submitted such requests, although so far the IMF has never considered more than a few requests at the same time.
“We see a wide range of problems arising in emerging markets: the spread of the virus, the halt of the economy, the outflow of capital and, for raw materials exporters, a price shock,” said Georgieva. According to her, many of the emerging market countries faced problems due to the reduction in foreign exchange earnings, which ensured the influx of tourists, as well as the export of certain goods. The head of the IMF estimated the total need for emerging markets in financing at $ 2,5 trillion. These countries will not be able to provide it from their own resources, Georgieva warned.

On Friday, March 27, a joint statement was published by Georgieva with the chairman of the International Monetary and Financial Committee, Lesetjay Kganiago.

“We are in an unprecedented situation when the global health pandemic has turned into an economic and financial crisis. With the sudden cessation of economic activity, world production will decline in 2020, ”the document says.

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The statement also stated that the IMF was ready to use its financial potential of $ 1 trillion to support member countries.

As reported by ForumDaily:

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