While the pandemic illness of Novel Coronavirus or COVID-19, created a health crisis, the illness is also responsible for a world recession.
Kristalina Georgieva, the Chief of the International Monetary Fund (IMF,) spoke about the financial crisis across the world due to the COVID-19.
Ms. Georgeiva, said, “It is clear that we have entered a recession.” Addressing an online press, Kristalina Georgieva said the economic situation would be worse than it was in 2009. Highlighting the fund needs for the emerging market which is 2.5 trillion dollars, she warned the financial situation to be “on the lower end.”
She said, the recovery of the markets and the economic condition is possible in the year 2021, but only if the virus could be contained and preventing liquidity problems from becoming solvency issues. She further added, “We have recessed 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.”
Besides, entrepreneurs and startups, daily working class are also getting affected badly. The Novel Coronavirus has infected 6,13,882 people and claimed 28,231 lives till date. Nearly 199 countries are affected by the Novel Coronavirus.
Meanwhile, in India alone, the figure crossed more than 875 claiming 20 lives. Italy, China, the United States of America (U.S.A.,) are some of the top countries affected by the virus with more than 80,000 positive cases in each.
Stay tuned for further updates.
