Coronavirus News: IMF Chief Kristalina Georgieva Said We Have Entered Recession

The International Monetary Fund said through a press conference on Friday that the world is in the face of devastating effects due to the coronavirus epidemic and has clearly entered a recession, which will allow us to come out only by next year.
Kristalina Georgieva, managing director of the International Monetary Fund, said in a press conference, “We have relied on growth prospects for 2020 and 2021. It is now clear that we have entered a recession or worse situation than in 2009. We recover the project in 2021. ” .
Georgiwa, after a meeting of 189 members of the International Monetary and Financial Committee, addressed the press. Addressing the press, he said that this body meeting was called to discuss the unprecedented challenge presented by COVID-19 to the world.

He said that in 2021, we will be able to recover only when all the countries of the world together will finish completely with coronavirus as soon as possible. For this, we all have to work together for this.

Georgiva told the press that “America is in a recession, as in the rest of the world’s advanced economies. Developed economies have a large share of developed and emerging markets. How serious are we? We work on our projections for 2020.” are doing.” While answering a question.

The results that will come in the next few weeks.
He said that strict steps would have to be taken to keep the world economy normal and to get out of recession. He said that to avoid this, we will have to keep doing continuous recovery. She said “As long as the virus is not contained, it will be very difficult to go to the life we ​​love.”

IMF chief Kristalina Georgieva said, “A significant concern about the long-lasting impact of the sudden shutdown of the world economy is the risk of a wave of bankruptcies and layoffs that can not only reduce recovery. But our societies.” Can also wipe out the fabric. ” .

To avoid this situation, many countries are taking many measures to overcome the problems of economy and medical facilities. He is trying his best to handle both his monetary and economy.

The IMF chief said that he has received a request for 81 financing emergencies out of which 50 are small working income countries. He said that we need financial assistance of about $ 2.5 trillion to get out of this financing emergency.

“We believe it is at the bottom end. We know that their own reserves and domestic resources will not be enough,” She said.

The G20 countries had said in a meeting a day ago that to avoid this financial trouble, $ 5 trillion is needed which is 6 percent of the total GDP of the world.

In response to another question, Georgiva said that the International Monetary Fund is trying to make a complete estimate of the 2020 recession.

“We expect it to be deep enough and we are urging too many countries to step in aggressively so that we can reduce the duration of this period when the economy is in a state of stagnation.”

“And to implement well-targeted measures, focusing primarily on the health system to absorb that enormous stress from coronovirus. And on people, businesses and the financial system, I’m very happy to say That is when we went through the reactions of the countries. ” The sense of targeted fiscal measures is there and to see the size of these measures is very impressive, ”she said.

The IMF chief said, “Countries are doing all of them on the fiscal and monetary front. We have heard about the very impressive decisions taken by our members in the last days.”

“We also want to warn that as we are responding now, we do not want to make the recession possibly shorter and much deeper. We also want to think about what is happening to ensure recovery is followed and sure. Do that we are taking further measures. It can be helpful in this regard, “she said.

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