The International Monetary Fund (IMF) Friday officially confirmed that the global economy has moved into a recession.
Kristalina Georgieva, boss of the Washington-based lender, said developing countries would need colossal financial stimulus to resist covid-19’s havoc.
“It is clear that we have entered a recession” that will be worse than in 2009 following the global financial crisis, Mrs Georgieva said during an online media briefing.
She put the estimated financial intervention needed by emerging markets at this time at $2.5 trillion.
Georgieva nevertheless said “we believe this is on the lower end.”
More than 80 nations have approached the IMF for emergency aid.