The world is in a recession, IMF Managing Director Kristalina Georgieva says, and the severity depends on two things: “Containing the virus and having effective, coordinated response to the crisis.”
"We should not go ... with small measures now when we know that it is a gigantic crisis," she said. "We've never seen the world economy standing still."
Kristalina Georgieva, managing director of the International Monetary Fund , speaks in Washington, D.C., on Oct. 16, 2019.International Monetary Fund chief Kristalina Georgieva said Friday that the global economy is now in a recession thanks to COVID-19, but that she's heartened to see world leaders finally realizing that only coordinated effort will be able to stem the spread of the novel coronavirus.
"We should not go ... with small measures now when we know that it is a gigantic crisis," she said minutes later. "We've never seen the world economy standing still. Now we [do]. How we go about revitalizing it is another important topic." Georgieva wrote at the time that such support could be used to aid its members, especially emerging and developing countries. The IMF's Catastrophe Containment and Relief Trust "can help the poorest countries with immediate debt relief, which will free up vital resources for health spending, containment, and mitigation."
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