IMF Managing Director: "COVID-19 Will Cause Worst Economic Impact Since the Great Depression"

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) (left), and David Malpass, President of the World Bank (WB), held a joint press conference on the 4th of last month (local time) at the IMF headquarters in Washington DC, USA. (Photo by Yonhap News)

[Asia Economy Reporter Moon Jiwon] Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), stated on the 9th (local time) that the spread of the novel coronavirus disease (COVID-19) will have the worst economic impact since the Great Depression.

Georgieva said that the economic crisis caused by the COVID-19 pandemic is different from any crisis that occurred in the past century, and that a massive response will be needed for economic recovery, AFP reported.

She said, "Global growth in 2020 will sharply turn negative," and that 170 out of the IMF's 180 member countries will experience a decline in per capita national income. She also explained that the IMF expects only a partial recovery next year at best.

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