Covid19 hit the economy harder than 2008 crisis: IMF


The International Monetary Fund said that the coronavirus has severely hit the world economy and that it was harder than the 2008 economic crisis. IMF chief Kristalina Georgieva said coronavirus pandemic would cause an economic downturn on par with 2008 recession.

She said that the outlook for global growth for 2020 was negative. She said that an economic rebound was expected in 2021. However, she said that it was paramount to prioritize containment and strengthen the health systems. The IMF chief said that the economy will review faster once the virus is contained faster.

Kristalina Georgieva said this after discussing the present situation with the economic heads of the G20 nations.

The International Monetary Fund said that it supported the various fiscal steps taken by the countries to boost the health system and also to protect the workers.  She said that about 80 countries have demanded emergency financial help.

The chief also called on economically stable countries to help the weaker economies.


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