Coronavirus Has Led the Entire World to Recession

No epidemic has spread like the coronavirus. This deadly virus has not only affected the health of a very big population but has also made people stay at their homes, self-isolating themselves which will lead to major losses in the businesses. As the International Monetary Fund (IMF) has already passed a statement on Friday that the entire world is facing the calamitous consequences of this deadly pandemic and it has influenced certain economics in such a way that the world has already entered a recession. But along with this shocking statement, the IMF has planned a recovery plan too for the coming year.

Well, the director of IMF named Kristalina Georgieva, had attended a special virtual meeting with the IMF’s governing body comprising of 189 members usually called as the international monetary and financial committee for discussing the sudden unprecedented situations created by this life-threatening Coronavirus that has un-deliberately challenged the whole world. And further interacted with the media in a press conference regarding this recession like never before and assured the audience about the recovery plans in 2021.

In addition to this assurance, she put forward the requirement and the importance of containment in this crisis as this is the only key to move forward for recovery in 2021. All the new upcoming projections and economy can move forward with this containment. And if unfortunately, the international community fails to contain this virus or keep the situation under control, then no-one would ever be able to get back to the life he or she used to love.

Besides the director of IMF, the chief also let his thoughts out saying that this sudden lockdown can have long-lasting impacts on the world economy and to avoid such situations, many countries have already taken far-reaching safety measures to reduce its impacts on the world economy.

Later on, she mentioned some information about the emergency financing requests from various countries and the estimation for overall financial requirements. Mentioning the particular counts, she added that 81 financial requests have already been received including the 50 requests from lower-income countries. And estimated it to reach the count of about 2.5 trillion dollars for the whole financial needs of emerging markets, which is a big amount.

With this continuation of questions, she answered an another one saying that they don’t think it will end up like this, rather it will go deep and they are very much urging the other countries to take containment measures strictly into action to get this devastating situation under control so that it eventually reduces the period of the whole economy being in a standstill.

Lastly, she added that she is very happy to see all the countries’ responses and their efforts to absorb all the stress on health systems that come from coronavirus and she gave an assurance that the countries are putting up their best efforts to shorten up this recession period.