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Chief Executive IMF warns again for world economic crisis amid COVID-19

Syed Umarullah HussainiWeb Editor

19th May, 2020. 10:32 am
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Chief Executive

The Chief Executive of International Monetary Fund (IMF) has warned again that the global economy will not be able to recover till 2021 amid the coronavirus outbreak.

In her latest statement, Chief Executive IMF Kristalina Georgieva warns full global economic recovery unlikely in 2021. She said world economy will take much longer to heal completely from the shock caused by the new COVID-19 than initially expected. She said data from around the world was worse than expected.

“Obviously that means it will take us much longer to have a full recovery from this crisis,” Georgieva said. She gave no specific target date for the rebound. The IMF is due to release new global projections in June.

Earlier IMF Chief also warned the US and China against rekindling a trade war that could weaken a recovery from the coronavirus pandemic. IMF Chief Kristalina Georgieva, told that economy of United States has been particularly hard hit by widespread shutdowns aimed at containing the virus. US government data on Friday showed the unemployment rate surging to 14.7 percent last month. The White House said joblessness could hit 20 percent in May.

Georgieva said: “It is hugely important for us to resist what may be a natural tendency to retreat behind our borders.” Reigniting world trade was critical for a global economic recovery. “Otherwise,” she added, “costs go up, incomes down, and we will be in a less secure world.”

In addition to this, let it be known that United States extended the executive order banning Chinese company Huawei until May 2021.

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