The International Monetary Fund (IMF) has announced that the world has clearly entered a recession due to the coronavirus pandemic. It has emphasized that the current recession is even worse than that of 2009. The statements about the world economy were made after the meeting of governing body of the IMF, the International Monetary and Financial Committee.
The International Monetary Fund has also projected a recovery in the next financial year i.e. 2021. The recovery from the recession will be possible if the international community contains the virus everywhere successfully and prevent the liquidity problems from becoming a solvency issue.
Important takeaways for all competitive exams:
- Managing Director of IMF: Kristalina Georgieva.