WASHINGTON (Reuters) - 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 extraordinary fiscal actions already taken by many countries to boost health systems and protect affected companies and workers, and steps taken by central banks to ease monetary policy. The IMF was also exploring a proposal that would help facilitate a broader network of swap lines, including through an IMF-swap-type facility. Lingering fear prepared her for 2020Bill Ackman: Wall Street and Main Street are 'different universes'Andrew Yang: Stimulus money should go to families, not companiesPaycheck Protection Program stops issuing new loansGetting approved for 1 of these cards means you have excellent creditThe fastest way to pay off $10,000 in credit card debtSwitch cards and save money on interest - Start now! Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Advanced economies were generally in better shape to deal with the crisis, but many emerging markets and low-income countries face significant challenges, including outward capital flows. It said the global labor market has taken a "catastrophic" hit,"The Covid-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast," the IMF said in its report.The outlook is slightly rosier than those provided by the But the IMF warned of a "higher-than-usual degree of uncertainty" around itsAnd it pointed to the difficulty of charting the trajectory of the virus and measures to contain it, as well as the impact of voluntary social distancing on spending, the consequences of new workplace safety measures and lingering unemployment.Though every region is expected to face a recession in 2020, there will be "substantial differences across individual economies," the IMF said. China, which got a head start on the recovery, is expected to log growth of 1%, in part due to policy support from the government. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Countries in Latin America that are still struggling to contain the virus will also be hard hit. Georgieva said the outlook for global growth was negative and the IMF now expected “a recession at least as bad as during the global financial crisis or worse.” Earlier this month, Georgieva had warned that 2020 world growth would be below the 2.9% rate seen in 2019, but stopped short of predicting a recession.
“The human costs of the coronavirus pandemic are already immeasurable and all countries need to work together to protect people and limit the economic damage,” Georgieva said. India's economy, meanwhile, is forecast to shrink 4.5% following a longer lockdown and slower-than-expected recovery.The US economy is expected to shrink by 8%, while output across the 19 countries that use the euro could decline by 10.2%. Georgieva issued the new outlook after a conference call of finance ministers and central bankers from the Group of 20 of the world’s largest economies, who she said agreed on the need for solidarity across the globe. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates.Trump adviser: Additional $600 is a disincentive to go back to workChildcare challenges force some working moms to put their careers on holdShe's out of work and facing eviction. The International Monetary Fund predicted the “Great Lockdown” recession would be the steepest in almost a century and warned the world economy’s contraction and … All rights reserved. The latest episode was one of the longest and deepest recessions since the Great Depression of the 1930s.
Georgieva said the IMF would massively step up emergency finance, noting that 80 countries have already requested help and that the IMF stood ready to deploy all of its $1 trillion in lending capacity.
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