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World faces worst crisis since Great Depression, says IMF's Georgieva | Malay Mail

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WASHINGTON, April 10 — The global coronavirus pandemic has inflicted an economic crisis unlike any in the past century and will require a massive response to ensure recovery, IMF chief Kristalina Georgieva said yesterday. The warnings about the damage inflicted by the virus already were stark,...

Friday, 10 Apr 2020 08:37 AM MYTWASHINGTON, April 10 — The global coronavirus pandemic has inflicted an economic crisis unlike any in the past century and will require a massive response to ensure recovery, IMF chief Kristalina Georgieva said yesterday.

The International Monetary Fund expects “global growth will turn sharply negative in 2020,” with 170 of the fund's 180 members experiencing a decline in per capita income, Georgieva said. “Lifelines for households and businesses are imperative” to “avoid a scarring of the economy that would make the recovery so much more difficult.”

She noted that about US$100 billion in investments already had fled emerging markets — more than three times the capital exodus seen in the 2008 global financial crisis.

 

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