On March 28, 2020, Managing Director of the IMF, International Monetory Fund, Kristalina Georgieva, announced that we have now entered a recession.
Here’s what she said:
“It is now clear that we have now entered a recession. As bad or worse than 2009. We do project recovery in 2021. In fact, there maybe a sizeable rebound, but, only if we succeed in containing the virus everywhere and prevent liquidity problems from becoming a solvency issue. “
“A key concern about a long-lasting impact of the sudden top on the world economy is the risk of a wave of bankruptcies and layoffs that only can undermine the recovery but can erode the fabric of our societies. “
“To avoid this (from) happening, many countries have taken far-reaching measures to address the health crisis and to cushion its impact on the economy, both on the monetary and on the fiscal side. “
“The G20, yesterday, reported fiscal measures totaling some $5 trillion or over 6% of global GDP. It is very important for those ahead in taking action to share their experience with those still behind. “
“To support this, last night, the IMF launched a policy actions tracker for 186 countries to help us all see who is doing what. We will be updating this information regularly, (and) will provide country-specific analysis in line with our surveillance mandate. “
“And I invite you to visit our site, IMF.org, where you will find the policy tracker. “
Her speech was more than that but we do hope everyone will be safe and be ready for what is to come.
