The world “is now in recession,” says IMF chief Kristalina Georgieva.
The International Monetary Fund (IMF) chief Kristalina Georgieva told CNBC 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 a coordinated effort will be able to stem the spread of the novel coronavirus.
“We have stated that the world is now in recession and that the length and depth of this recession depend on two things: Containing the virus and having an effective, coordinated response to the crisis,” she told CNBC’s Sara Eisen. “I’m very encouraged by what I see now. I see much clearer understanding [among global leaders] that if we don’t beat it everywhere we won’t be able to get out of it,” she added. “We’ve never seen the world economy standing still. Now we do. How we go about revitalizing it is another important topic.”
She finalized by saying the IMF has taken extraordinary measures in recent weeks to help combat the economic toll COVID-19 and its spread, as economies continue to tumble around the globe.
