IMF Managing Director Kristalina Georgieva projected that the global economy would suffer losses of $28 trillion over the next five years as a result of the COVID-19 pandemic, explaining
Growth is expected to fall to minus 4.4 percent this year, and the crisis could cost an estimated $28 trillion in lost output.
At the opening of the IMF and World Bank’s fall meetings in Washington, Georgieva explained that the outlook has become less dire over the past few months, However, we continue to expect the worst global recession since the Great Depression of the 1930s, noting that all countries now face a long road ahead, and the journey will be difficult, uneven, uncertain, and prone to setbacks.
The official announced that the Fund has granted loans totaling approximately $90 billion since last March to enable member countries to address the economic fallout from the pandemic.
Sarah Al-Ramshi
