“We have reassessed the prospects
for growth for 2020 and 2021. It is now clear that we have entered a recession
as bad or worse than in 2009. We do project recovery in 2021,” IMF
Managing Director Kristalina Georgieva told reporters at a news conference.
The world is in the face of a
devastating impact due to the coronavirus pandemic and has clearly entered a
recession but projected a recovery next year.
The key to recovery in 2021, she said,
is only if the international community succeeds in containing the virus
everywhere and prevent liquidity problems from becoming a solvency
issue.Stressing that while containment is the main reason for the economy to
stand still and get into a recession, she said containment is very necessary to
come out of this period and step in to recovery. “Until the virus is not
contained, it would be very difficult to go to the lives we love.”