The global economy will contract this year due to the interruption of economic activity caused by the novel coronavirus (COVID-19) pandemic, the International Monetary Fund (IMF) Managing Director Kristalina Georgieva and the International Monetary and Financial Committee (IMFC) Chair Lessetja Kganyago said in a statement on Friday
WASHINGTON (Pakistan Point News / Sputnik - 27th March, 2020) The global economy will contract this year due to the interruption of economic activity caused by the novel coronavirus (COVID-19) pandemic, the International Monetary Fund (IMF) Managing Director Kristalina Georgieva and the International Monetary and Financial Committee (IMFC) Chair Lessetja Kganyago said in a statement on Friday.
"With a sudden stop in economic activity, global output will contract in 2020," Georgieva and Kganyago said in the statment.
The two officials called on countries to continue taking extraordinary measures to support their economies.
"Priority should be afforded to targeted fiscal support to vulnerable households and businesses to accelerate and strengthen the recovery in 2021," Georgieva and Kganyago added.
