The head of the International Monetary Fund (IMF) says the coronavirus outbreak has eliminated hopes of stronger economic growth in 2020 and will likely cap output gains to the lowest rate since the 2008-09 financial crisis.
Managing Director Kristalina Georgieva, a Bulgarian economist, said on March 4 that the IMF now sees world growth to be below the 2.9 percent rate achieved in 2019, perhaps falling to the 0.7 percent level seen in 2009.
She told a news briefing that the IMF, considered the world’s lender of last for resort for governments, will likely publish revised forecasts in the next few weeks.
"Global growth in 2020 will dip below last year's levels, but how far it will fall and how long the impact will be is still difficult to predict," Georgieva said.
The epidemic "is no longer a regional issue -- it is a global problem calling for a global response," Georgieva told reporters.
The Washington-based lender had previously forecast 3.3 percent growth for 2020.
Georgieva declined to say whether the crisis over the COVID-19 virus could push the world into a recession.
The IMF will make $50 billion in emergency funding available to help poor and middle-income countries with weak health systems respond to the epidemic, she said.
Georgieva added that some $10 billion of that can be accessed by the poorest countries at zero interest for up to 10 years.
The virus has forced the closure of factories, disrupted travel, infected nearly 95,000 people worldwide, and killed more than 3,200, mainly in China.
IMF Chief: Coronavirus Crisis Dashes Hopes Of Strong Economic Growth In 2020
Based on reporting by Reuters and AFP
Editors' Picks
Top Trending
1
Georgian President Won't Recognize Vote Results, Calls For Protests, Alleges Russian Interference
2What North Korean Troops In Russia Mean For Beijing
3After Preliminary Election Results, Disappointment For Georgia's Opposition
4'They Stole Your Vote,' Georgian President Says, As Tens Of Thousands Rally To Protest Elections
5North Korean Troops Are 'Fair Game' In Russia's War Against Ukraine
6Georgian Dream Hails Victory, While Opposition Decries 'Stolen Election'
7Ukraine Live Briefing: U.S. Sanctions Hundreds For Supporting Invasion
8NATO Confirms North Korean Troops In Russia, Says It Shows Putin's 'Desperation'
9How The World Sees The Disputed Georgian Elections
10Bulgarian Exit Polls Raise Fears Of Another Prolonged Political Stalemate
RFE/RL has been declared an "undesirable organization" by the Russian government.
If you are in Russia or the Russia-controlled parts of Ukraine and hold a Russian passport or are a stateless person residing permanently in Russia or the Russia-controlled parts of Ukraine, please note that you could face fines or imprisonment for sharing, liking, commenting on, or saving our content, or for contacting us.
To find out more, click here.
