World is in a recession thanks to coronavirus: IMF chief

The global economy is now in a recession thanks to COVID-19 yet only a coordinated effort will be able to stem the spread of the novel coronavirus, International Monetary Fund chief Kristalina Georgieva.

“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 said.

“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 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.”

Source: CNBC