IMF sees pandemic causing global recession in 2020, recovery in 2021

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(VOVWORLD) - The coronavirus pandemic will cause a global recession in 2020 that could be worse than the one triggered by the global financial crisis of 2008-2009, but world economic output should recover in 2021, the International Monetary Fund said on Monday.

IMF Managing Director Kristalina Georgieva welcomed the extraordinary fiscal actions already taken by many countries to strengthen healthcare systems and protect affected companies and workers.

World Bank Group President David Malpass on Monday said that the development lender could deploy as much as 150 billion USD in resources over the next 15 months to help developing countries fight and recover from the coronavirus pandemic.

The World Bank is now preparing projects in 49 countries to help fight the virus under a new fast-track credit facility, and decisions were expected this week on as many as 16 of these projects, Malpass said.