Ahead of the upcoming Spring meet of the IMF and the World Bank, IMF Chief Kristalina Georgieva said the coronavirus pandemic has ushered the global economy in a crisis unlike any in the last century and in order to overcome the fallout due to it, a massive response shall be required. She said it while addressing on "Confronting the Crisis: Priorities for the Global Economy"
She further said that the world should brace for "the worst economic fallout since the Great Depression."
Also, as per the IMF forecast, global growth will turn into sharply negative territory in 2020 as 170 out of the 180 members of the IMF witness a fall in per capital income, said Georgieva. Nonetheless, the fund few months before was expecting a surge in per capita income in as many as 160 nations.
The global toll due to coronavirus has reached 89,000 while it has infected over 1.5 million people world over even as most parts of the global economy remain shut to curb its spread.
Further, assuming the best case scenario with virus fading during the later part of the year only 'partial recovery" is expected next year, with lockdowns being lifted for resuming business activity.
On Tuesday, IMF is due to come up with World Economic Outlook with depressing forecast for its member nations for this year and next. IMF projected global growth at 3.3% and 3.4% for 2020 and 2021, respectively.