You are here: HomeNews2020 07 19Article 365764

Business News of Sunday, 19 July 2020

Source: www.mynigeria.com

Global economy faces deep recession over COVID-19 - IMF

IMF Chief - Kristalina Georgieva IMF Chief - Kristalina Georgieva

The International Monetary Fund has said the global economy faced a deep recession this year due to the ravaging COVID-19 pandemic.

IMF Managing Director, Kristalina Georgieva, stated this on Saturday at the conclusion of the virtual meeting of the Group of 20 (aka G20) Finance Ministers and Central Bank Governors, which was chaired by Saudi Arabia.

“Due to the continuing impact of the COVID-19 pandemic, the global economy faces a deep recession this year, with partial and uneven recovery expected in 2021. While there remains great uncertainty on the outlook, the unprecedented actions taken by the G20 countries and others have helped to avert a much worse outcome,” Georgieva said in a statement.

She said as the world entered the next phase of the crisis, further policy action would be required, as well as increased international cooperation, adding that the G20 Action Plan was key in this regard.

To support countries in fighting the crisis and to prevent long-lasting scarring of the global economy, particularly high unemployment and increasing inequality, Georgieva said the main priority should be to protect the people, jobs, and economic activities.