The head of the International Monetary Fund (IMF) Kristalina Georgieva stated Friday that previous measures for the world economy to contract by three percent this year were too confident.
IMF Managing Director Kristalina Georgieva, through a video conference in Florence, announced that worsening signs in some nations could weigh even further on this forecast.
“Incoming economic data for many countries is below our already pessimistic assessment for 2020,” Georgieva stated. “And with no immediate medical solutions, more adverse scenarios might, unfortunately, materialize for some economies”.
In April, the IMF cautioned that the world economy would endure the worst downturn since the Great Depression.
Provided the pandemic were to lessen in strength in the second half of 2020, however, global growth would rebound by 5.8% in 2021, representing a partial recovery, the IMF announced on last month.
The COVID-19 pandemic has killed more than 270,000 souls worldwide, almost 85 percent of them in Europe and the United States, since it appeared in China in December.
