World faces 'worst economic fallout since Great Depression', says IMF

IMF chief Kristalina Georgieva warned that 'global growth will turn sharply negative in 2020,' due to the coronavirus.The global coronavirus pandemic is causing an economic crisis unlike any in the past century and will require a massive response to ensure recovery, IMF chief Kristalina Georgieva said on Thursday.

She warned that"global growth will turn sharply negative in 2020," with 170 of the 180 members of the International Monetary Fund experiencing a decline in per capita income. "In fact, we anticipate the worst economic fallout since the Great Depression," Georgieva said in a speech previewing next week's spring meetings of the IMF and World Bank, which will be held virtually due to the restrictions imposed due to the Covid-19.

Even in the best case the IMF expects only a"partial recovery" next year, assuming the virus fades later this year, allowing normal business to resume as the lockdowns imposed to contain its spread are lifted.

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