Economic Impacts Due to Corona Predicted to Surpass the 2008 Crisis

Economic Impacts Due to Corona Predicted to Surpass the 2008 Crisis

From the online reporting site Worldometers, the corona virus has infected 782,103 people in 200 countries. Of that amount, 164,753 patients were cured.

Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva said the corona virus pandemic (COVID-19) created a severe economic crisis. Even worse than the 2008 global financial crisis.

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“This is the darkest period of humanity, a huge threat to the whole world.it requires us to stand tall, unite and protect our most vulnerable citizens.” he said.

“Never in history have we witnessed a world economy stalled,” Georgieva. He said at a press conference at the World Health Organization (WHO). headquarters in Geneva, Switzerland.

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He also stressed that the IMF currently has a loan package worth US $ 1 trillion. Will disburse as much aid as possible to countries in need. He said there had been more than 90 countries so far that had requested assistance from the fund.

Furthermore, Georgieva explained the reason the IMF focused its funds on developing countries was because their economies were hardest hit by the plague. Also, because most of these countries have less resources to protect themselves from economic collapse.

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“This is far more than during the global financial crisis, and some countries are very dependent on commodity exports. When prices fall they are getting hit.” he said.

He believes that the world will be able to go through all this as long as there is cooperation from various countries.

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