As the global oil markets remain under intense pressure, it seems like there is no quick recovery for the global crude prices from the historical fall witnessed recently. Global crude prices are likely to remain subdued for some time, as predicted by the International Monetary Fund. The global crude prices recently witnessed a historic fall with crude futures trading in negative for the first time.&nbsp;

"We can say for sure that this uncertainty and volatility around oil prices will continue for the next several months. IMF's forecast for oil prices is around $35 per barrel for 2020-2021 but just as a pandemic is so uncertain, the recovery will also depend on a lot of factors. Even if the prices recover, no one is expecting crude prices which were there before the virus", said IMF's chief economist Gita Gopinath in an exclusive interaction with WION. 
 
<img alt="Gita Gopinath" data-entity-type="file" data-entity-uuid="5bf71705-93d7-4639-8975-62e40c1a69a5" src="//cdn.wionews.com/sites/default/files/inline-images/Gita-Gopinath.jpeg" />

Gita Gopinath speaks during a news conference in Washington. (Reuters Photo) 
 
Historically low oil prices also translate into an existential crisis for the countries depending on crude export as the main source of revenue. "For countries that depend on oil export, it is a double whammy. They are dealing with both the health crisis and the financial crisis. Low crude prices are what we would call a permanent shock and the countries will have to learn to adjust to this permanent shock. This will have implications for their fiscal situation, but this is also the time for countries to diversify from oil dependence, " Gita Gopinath added.

As physical US crude grades fell into negative territory for the first time in history, Mexican, Ecuadorean and Venezuelan grades indexed to them also traded negative for the first time. &nbsp;Latin America exports some 5 million barrels per day (BPD) of mostly heavy crude.&nbsp;

The International Monetary Fund earlier said the economic fallout of the coronavirus pandemic, combined with other problems in recent years, meant Latin America and the Caribbean would likely see “no growth” in the decade from 2015 to 2025.

As the global oil markets remain under intense pressure, it seems like there is no quick recovery for the global crude prices from the historical fall witnessed recently.

As the global oil markets remain under intense pressure, it seems like there is no quick recovery for the global crude prices from the historical fall witnessed recently. Global crude prices are likely to remain subdued for some time, as predicted by the International Monetary Fund. The global crude prices recently witnessed a historic fall with crude futures trading in negative for the first time. "We can say for sure that this uncertainty and volatility around oil prices will continue for the next several months. IMF's forecast for oil prices is around $35 per barrel for 2020-2021 but just as a pandemic is so uncertain, the recovery will also depend on a lot of factors. Even if the prices recover, no one is expecting crude prices which were there before the virus", said IMF's chief economist Gita Gopinath in an exclusive interaction with WION. Gita Gopinath speaks during a news conference in Washington. (Reuters Photo) Historically low oil prices also translate into an existential crisis for the countries depending on crude export as the main source of revenue. "For countries that depend on oil export, it is a double whammy. They are dealing with both the health crisis and the financial crisis. Low crude prices are what we would call a permanent shock and the countries will have to learn to adjust to this permanent shock. This will have implications for their fiscal situation, but this is also the time for countries to diversify from oil dependence, " Gita Gopinath added. As physical US crude grades fell into negative territory for the first time in history, Mexican, Ecuadorean and Venezuelan grades indexed to them also traded negative for the first time. Latin America exports some 5 million barrels per day (BPD) of mostly heavy crude. The International Monetary Fund earlier said the economic fallout of the coronavirus pandemic, combined with other problems in recent years, meant Latin America and the Caribbean would likely see “no growth” in the decade from 2015 to 2025.

Cheap crude to be a new normal, oil income-dependent economies will have to diversify: IMF's chief economist Gita Gopinath

The pandemic Coronavirus (COVID-19) derail the global economy. The alarm bell rings at International Monetary Fund & the world bank.

Pandemic COVID-19 derail the global economy, pressure mounts on IMF & world bank

The coronavirus pandemic has derailed the global economy. And the pressure is building on World Bank and International Monetary Fund to help the poor countries. This report tells you how the world is coping with it.&nbsp;

These times are hard as one has not witnessed anything close to such a situation since the Great Depression in late 1920s and early 1930s.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/coronavirus-leaders-warn-africa-short-of-funds-to-fight-pandemic-293250">Coronavirus: Leaders warn Africa short of funds to fight pandemic</a>

In just three months, the entire condition of the economy changes. On January, the IMF said the world economy would grow nearly 3 per cent in 2020, now it says it's drained.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/coronavirus-g20-agrees-to-provide-debt-relief-to-poorest-countries-292917">Coronavirus: G20 agrees to provide debt relief to poorest countries</a>

IMF says that the global economy would contract by 3 per cent this year.&nbsp;

Let's first look at South Asia.

According to IMF, in 2020 the region's grwoth rate would be zero, which is much worse than the crisis of 2008.&nbsp;

Even during the currency crisis, Easter and South Asia's greatest financial crisis in 1990s, the economy grew slightly more than one per cent.&nbsp;

Now, a glance at Latin America.

The IMF predicts the worst recession in half a century. Almost 33 per cent people could lose jobs in South America, which means over 200 million people can get unemployed.&nbsp;

In Africa, nearly 50 per cent of the jobs could be lost if no urgent action is taken.&nbsp;

The predictions look even gloomy for advanced economies. The IMF expects these nations' economy to shrink by at least 6 per cent this year.&nbsp;

The United Kingdom's economy could contract by 35 per cent this quarter.&nbsp;

The total output loss, including that of advanced and emerging economies, could be nine trillion dollars.&nbsp;

Who will bear these expenses?

So far, IMF has mobilised eight trillion dollars. But, there is a scarcity of public finances, especially in poorer countries.&nbsp;

Nearly, two trillion dollars more would be required to support developing countries. The IMF has already received 11 billion dollars from five countries, which are Japan, UK, France, Canada and Australia.&nbsp;

The G20 countries have already suspended debt payments. This will free up at east 20 billion dollars in poorer countries for fighting the pandemic.&nbsp;

Now, China has urged the World Bank for the same. Perhaps, China should lead by example.

The coronavirus pandemic has derailed the global economy. And the pressure is building on World Bank and International Monetary Fund to help the poor countries. This report tells you how the world is coping with it.

The coronavirus pandemic has derailed the global economy. And the pressure is building on World Bank and International Monetary Fund to help the poor countries. This report tells you how the world is coping with it. These times are hard as one has not witnessed anything close to such a situation since the Great Depression in late 1920s and early 1930s. Also read | Coronavirus: Leaders warn Africa short of funds to fight pandemic In just three months, the entire condition of the economy changes. On January, the IMF said the world economy would grow nearly 3 per cent in 2020, now it says it's drained. Also read | Coronavirus: G20 agrees to provide debt relief to poorest countries IMF says that the global economy would contract by 3 per cent this year. Let's first look at South Asia. According to IMF, in 2020 the region's grwoth rate would be zero, which is much worse than the crisis of 2008. Even during the currency crisis, Easter and South Asia's greatest financial crisis in 1990s, the economy grew slightly more than one per cent. Now, a glance at Latin America. The IMF predicts the worst recession in half a century. Almost 33 per cent people could lose jobs in South America, which means over 200 million people can get unemployed. In Africa, nearly 50 per cent of the jobs could be lost if no urgent action is taken. The predictions look even gloomy for advanced economies. The IMF expects these nations' economy to shrink by at least 6 per cent this year. The United Kingdom's economy could contract by 35 per cent this quarter. The total output loss, including that of advanced and emerging economies, could be nine trillion dollars. Who will bear these expenses? So far, IMF has mobilised eight trillion dollars. But, there is a scarcity of public finances, especially in poorer countries. Nearly, two trillion dollars more would be required to support developing countries. The IMF has already received 11 billion dollars from five countries, which are Japan, UK, France, Canada and Australia. The G20 countries have already suspended debt payments. This will free up at east 20 billion dollars in poorer countries for fighting the pandemic. Now, China has urged the World Bank for the same. Perhaps, China should lead by example.

What can happen to various economies due to coronavirus pandemic?

According to the IMF, the world economy could lose $9 trillion due to the Coronavirus outbreak. WION's Palki Sharma tells you how is the world coping with the economic repercussions of this outbreak.

Gravitas: World Economy could lose $9 Trillion | Coronavirus

These are unprecedented times for the global economy and that is an understatement. But, the pandemic has set back the global economy by decades. Also read: How is the Chinese economy's shrinkage reconfiguring the global economy?

These are unprecedented times for the global economy and that is an understatement. But, the pandemic has set back the global economy by decades. Also read: How is the Chinese economy's shrinkage reconfiguring the global economy? The alarm bells are ringing at IMF and world bank as pressure mounts on these institutions to help the poor countries. Advanced economies are the worst-hit and in these times -- even the grimmest economic forecasts show a sense of optimism. Also read: One-day coronavirus deaths in US surpasses 9/11, Iraq war toll It’s hard not to try and find hope in circumstances not seen since the great depression. Worst economic collapse since the great depression Today, the world is staring at an economic collapse -- possibly the worst in nearly a hundred years. The coronavirus pandemic has undone decades of economic development, threatening to push more people into poverty. Let's take a look at the three months timeline where it all began: In January, the international monetary fund said the world economy would grow at about three per cent in 2020. Now, it says the world economy is drained. IMF: World economy to shrinks by 3 per cent in 2020 IMF's predictions have been overturned now the global economy will contract by three per cent this year. Let’s begin the survey of the global economic damage with the global south: Asia to record zero growth in 2020 Coronavirus is sure to end Asia's 60-year growth streak, according to the IMF which means zero growth in 2020. This is much worse than the global financial crisis of 2008 and that year, Asia grew at 4.7 per cent. Take the region’s worst financial crisis, the Asian currency crisis in the 1990s. Even then, Asia grew at slightly more than one per cent. Latin America facing the worst recession in 50 years The IMF predicts the worst recession in half a century. One out of three people could lose their jobs in South America. That’s over 200 million people unemployed on a single continent. Nearly half the jobs could be lost in Africa In Africa, nearly half the jobs could be lost without urgent action. In the global north, the advanced economies are the worst-affected. Advanced economies to shrink at 6 per cent in 2020 The IMF sees them shrinking by at least 6 per cent this year. That’s a negative growth rate. The United Kingdom’s GDP could contract by 35 per cent this quarter. Both advanced & emerging economies in recession A true global recession is rare and it is on now. Both advanced and emerging economies are in deep trouble at the same time. The total output loss could be around $9 trillion. IMF has mobilised $8 trillion But, there is a shortage of public finances, especially in poorer countries. Nearly two more trillion dollars are required to support developing economies. IMF raises $11 billion from 5 countries The IMF has also received over 11 billion dollars as a pledge from five countries. Japan, the United Kingdom, France, Canada, and Australia have contributed. G20 countries freeze debt repayments for poor countries The G20 countries have suspended debt repayments. This will free up at least 20 billion dollars in poorer countries for fighting the pandemic. Now, China has urged the World Bank to do the same. Defer loan payments perhaps China should lead by example.

Coronavirus has brought world economy on its knees, is a global recession inevitable?

The IMF predicts that India will be the least affected by a global recession. Meanwhile, Austria has begun relaxing lockdown measures. WION's Palki Sharma gets you the biggest developments from across the world for Tuesday.

Gravitas: The big global developments for April 14 | Wuhan Coronavirus

The coronavirus pandemic is pushing the global economy into its deepest recession in a century, cutting world output by three per cent this year, and the crisis could get worse, the International Monetary Fund said Tuesday. 
 
Also read:&nbsp;<a href="https://www.wionews.com/world/new-york-governor-says-hospitalization-covid-19-infections-down-while-taking-a-dig-at-king-trump-292515" hreflang="en">New York governor says COVID-19 infections down; takes a dig at 'King Trump'</a>

The downturn will slash $9 trillion from the world economy, IMF chief economist Gita Gopinath told reporters as she presented the latest forecasts in the World Economic Outlook.

If the virus is contained and economies can begin operating again, 2021 should see a rebound of 5.8 per cent, according to the IMF. 
 
Also read:&nbsp;<a href="https://www.wionews.com/world/experts-say-trump-has-little-power-to-restart-us-economy-292451" hreflang="en">Experts say Trump has little power to restart US&nbsp;economy</a>

But the authors acknowledged the difficulty in making an accurate forecast amid the rapidly changing situation.

With much of the global economy shut down amid efforts to contain the virus and keep health systems from collapsing, the IMF warned that there are "severe risks of a worse outcome" due to the "extreme uncertainty around the strength of the recovery."

"The cumulative loss to global GDP over 2020 and 2021 from the pandemic crisis could be around $9 trillion, greater than the economies of Japan and Germany combined," Gopinath said.

The coronavirus has infected nearly two million people worldwide and killed close to 120,000, bringing travel to a standstill and forcing businesses, shops and restaurants to close.

"Much worse growth outcomes are possible and maybe even likely," the report cautioned, "if the pandemic and containment measures last longer... or if widespread scarring effects emerge due to firm closures and extended unemployment."

'The Great Lockdown'

The report, released ahead of the virtual spring meetings of the IMF and World Bank, said "The Great Lockdown" -- as the IMF dubbed the global downturn -- is the worst since the Great Depression of the 1930s.

It also is the first contraction since 2009 during the global financial crisis, but that episode hardly bears comparison. Though the effects lingered, the decline amounted to just 0.1 per cent, and large emerging market economies were still growing at a solid pace.

This year, the only economies expected to be spared from the recession are China -- where the virus originated -- and India, but even those countries will see only relatively paltry growth of 1.2 per cent and 1.9 per cent, respectively.

In the depression nearly a century ago, the global economy contracted by about 10 per cent while advanced economies shrunk by 16 per cent from 1929 to 1932. The IMF now expects advanced economies to shrink by six per cent in 2020.

The US economy is expected to contract by 5.9 per cent but see growth recover by 4.7 per cent next year.

However, the forecasts assume the pandemic will fade in the second half of the year.

The IMF projects drop of 7.2 per cent in France and 6.5 per cent in Britain, but the governments in those countries are even more pessimistic, projecting contractions of eight per cent and 13 per cent, respectively.

Must work together

The severe slowdown is "unavoidable," but "substantial targeted fiscal, monetary and financial" measures can soften the blow, the IMF said.

Many governments have already deployed massive spending measures in tandem with central banks that have been pumping liquidity into the financial system to prevent any breakdown.

But Gopinath said, even more, will be needed once the health crisis is over.

"Once the recovery happens, and we are past the pandemic phase for advanced economies, it would be essential to undertake a broad-based fiscal stimulus," she said.

The spending "would be even more effective if it were coordinated across all the advanced economies of the world," she said.

Synchronized actions "can magnify their impact" but also can avoid some of the errors of the past century when countries adopted "futile mercantilist policies... which further worsened the global downturn," the report said.

Inevitably the massive spending will lead to sharp increases in government debt -- already at over 80 per cent of GDP -- and deficit levels.

But Gopinath said if the recovery begins in 2021, and with interest rates very low, "the combination should help in bringing down debt levels slowly over time."

Some countries, however, will need relief from debt obligations.

Finance ministers and central bank governors from the Group of Seven advanced economies on Tuesday endorsed a plan to provide a temporary standstill in debt payments from the world's poorest nations if the broader Group of 20 agrees.

The G20, which includes major emerging market economies like China and Russia, is expected to make a statement on Wednesday that could cover debt relief.

The coronavirus pandemic is pushing the global economy into its deepest recession in a century, cutting world output by three per cent this year, and the crisis could get worse, the International Monetary Fund said Tuesday.

The coronavirus pandemic is pushing the global economy into its deepest recession in a century, cutting world output by three per cent this year, and the crisis could get worse, the International Monetary Fund said Tuesday. Also read: New York governor says COVID-19 infections down; takes a dig at 'King Trump' The downturn will slash $9 trillion from the world economy, IMF chief economist Gita Gopinath told reporters as she presented the latest forecasts in the World Economic Outlook. If the virus is contained and economies can begin operating again, 2021 should see a rebound of 5.8 per cent, according to the IMF. Also read: Experts say Trump has little power to restart US economy But the authors acknowledged the difficulty in making an accurate forecast amid the rapidly changing situation. With much of the global economy shut down amid efforts to contain the virus and keep health systems from collapsing, the IMF warned that there are "severe risks of a worse outcome" due to the "extreme uncertainty around the strength of the recovery." "The cumulative loss to global GDP over 2020 and 2021 from the pandemic crisis could be around $9 trillion, greater than the economies of Japan and Germany combined," Gopinath said. The coronavirus has infected nearly two million people worldwide and killed close to 120,000, bringing travel to a standstill and forcing businesses, shops and restaurants to close. "Much worse growth outcomes are possible and maybe even likely," the report cautioned, "if the pandemic and containment measures last longer... or if widespread scarring effects emerge due to firm closures and extended unemployment." 'The Great Lockdown' The report, released ahead of the virtual spring meetings of the IMF and World Bank, said "The Great Lockdown" -- as the IMF dubbed the global downturn -- is the worst since the Great Depression of the 1930s. It also is the first contraction since 2009 during the global financial crisis, but that episode hardly bears comparison. Though the effects lingered, the decline amounted to just 0.1 per cent, and large emerging market economies were still growing at a solid pace. This year, the only economies expected to be spared from the recession are China -- where the virus originated -- and India, but even those countries will see only relatively paltry growth of 1.2 per cent and 1.9 per cent, respectively. In the depression nearly a century ago, the global economy contracted by about 10 per cent while advanced economies shrunk by 16 per cent from 1929 to 1932. The IMF now expects advanced economies to shrink by six per cent in 2020. The US economy is expected to contract by 5.9 per cent but see growth recover by 4.7 per cent next year. However, the forecasts assume the pandemic will fade in the second half of the year. The IMF projects drop of 7.2 per cent in France and 6.5 per cent in Britain, but the governments in those countries are even more pessimistic, projecting contractions of eight per cent and 13 per cent, respectively. Must work together The severe slowdown is "unavoidable," but "substantial targeted fiscal, monetary and financial" measures can soften the blow, the IMF said. Many governments have already deployed massive spending measures in tandem with central banks that have been pumping liquidity into the financial system to prevent any breakdown. But Gopinath said, even more, will be needed once the health crisis is over. "Once the recovery happens, and we are past the pandemic phase for advanced economies, it would be essential to undertake a broad-based fiscal stimulus," she said. The spending "would be even more effective if it were coordinated across all the advanced economies of the world," she said. Synchronized actions "can magnify their impact" but also can avoid some of the errors of the past century when countries adopted "futile mercantilist policies... which further worsened the global downturn," the report said. Inevitably the massive spending will lead to sharp increases in government debt -- already at over 80 per cent of GDP -- and deficit levels. But Gopinath said if the recovery begins in 2021, and with interest rates very low, "the combination should help in bringing down debt levels slowly over time." Some countries, however, will need relief from debt obligations. Finance ministers and central bank governors from the Group of Seven advanced economies on Tuesday endorsed a plan to provide a temporary standstill in debt payments from the world's poorest nations if the broader Group of 20 agrees. The G20, which includes major emerging market economies like China and Russia, is expected to make a statement on Wednesday that could cover debt relief.

Pandemic causing deep recession, and it could get worse: IMF

The global economy will contract by 3% this year as countries around the world shrink at the fastest pace in decades

Is the world prepared for the worst recession

The International Monetary Fund on Monday announced immediate debt relief for 25 poor countries to help them free up funds to fight the coronavirus pandemic.

IMF approves debt relief for 25 poor countries

The International Monetary Fund on Monday announced immediate debt relief for 25 poor countries to help them free up funds to fight the coronavirus pandemic.

"This provides grants to our poorest and most vulnerable members to cover their&nbsp;IMF&nbsp;debt obligations for an initial phase over the next six months and will help them channel more of their scarce financial resources towards vital emergency medical and other relief efforts,"&nbsp;IMF&nbsp;Managing Director Kristalina Georgieva said in a statement.

Also read:&nbsp;<a href="https://www.wionews.com/world/coronavirus-is-10-times-deadlier-than-swine-flu-who-292313" hreflang="en">Coronavirus is 10 times deadlier than swine flu: WHO</a>

The&nbsp;IMF&nbsp;board approved the debt relief for the countries, nearly all in Africa, but also Afghanistan, Yemen, Nepal and Haiti.

The fund together with the World Bank have called for rich nations to stop collecting debt payments from poor countries from May 1 through June 2021.

Also read:&nbsp;<a href="https://www.wionews.com/world/worst-is-over-says-new-york-governor-as-covid-19-death-toll-crosses-10000-292316" hreflang="en">Worst is over, says New York governor as COVID-19 death toll crosses 10,000</a>

The debt relief will be funded by the&nbsp;IMF's Catastrophe Containment and Relief Trust (CCRT), which was first set up to combat the West Africa Ebola outbreak in 2015 and has been repurposed to help countries fend off COVID-19.

The fund currently has $500 million, with Japan, Britain, China and the Netherlands among its main contributors.

"I urge other donors to help us replenish the trust's resources and boost further our ability to provide additional debt service relief for a full two years to our poorest member countries," Georgieva said.

Last week, the World bank said it would roll out $160 billion in emergency aid over 15 months to help countries stricken by the virus, including $14 billion in debt repayments from 76 poor countries to other governments.

The International Monetary Fund on Monday announced immediate debt relief for 25 poor countries to help them free up funds to fight the coronavirus pandemic. "This provides grants to our poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months and will help them channel more of their scarce financial resources towards vital emergency medical and other relief efforts," IMF Managing Director Kristalina Georgieva said in a statement.

The International Monetary Fund on Monday announced immediate debt relief for 25 poor countries to help them free up funds to fight the coronavirus pandemic. "This provides grants to our poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months and will help them channel more of their scarce financial resources towards vital emergency medical and other relief efforts," IMF Managing Director Kristalina Georgieva said in a statement. Also read: Coronavirus is 10 times deadlier than swine flu: WHO The IMF board approved the debt relief for the countries, nearly all in Africa, but also Afghanistan, Yemen, Nepal and Haiti. The fund together with the World Bank have called for rich nations to stop collecting debt payments from poor countries from May 1 through June 2021. Also read: Worst is over, says New York governor as COVID-19 death toll crosses 10,000 The debt relief will be funded by the IMF's Catastrophe Containment and Relief Trust (CCRT), which was first set up to combat the West Africa Ebola outbreak in 2015 and has been repurposed to help countries fend off COVID-19. The fund currently has $500 million, with Japan, Britain, China and the Netherlands among its main contributors. "I urge other donors to help us replenish the trust's resources and boost further our ability to provide additional debt service relief for a full two years to our poorest member countries," Georgieva said. Last week, the World bank said it would roll out $160 billion in emergency aid over 15 months to help countries stricken by the virus, including $14 billion in debt repayments from 76 poor countries to other governments.

IMF approves debt relief for 25 poor countries to help them address coronavirus pandemic

The chief economist of the International Monetary Fund (IMF) Geeta Gopinath is addressing the media live. Watch video.

IMF's grim forecast for global economy: Chief economist Geeta Gopinath addresses media

The International Monetary Fund(IMF) said on Tuesday that the <a href="https://www.wionews.com/world/now-china-approves-trials-for-two-more-coronavirus-vaccines-292466">coronavirus</a> pandemic recovery would take a more coordinated stimulus.

"The cumulative loss to global GDP over 2020 and 2021 from the pandemic crisis could be around $9 trillion, greater than the economies of Japan and Germany combined," it said.

"Global growth is projected at –3.0 per cent in 2020, an outcome far worse than during the 2009 global financial crisis," IMF said.

"Several economies in the region are forecast to grow at modest rates, including India which is set to grow at 1.9 per cent," the report said.

The IMF projected India's growth to 7.4 per cent in 2021. It said India will grow at 1.9 per cent this year as the global economy stares at a recession but said it is only one of the two major economies to record positive growth, other being China which is set to grow at 1.2 per cent this year.

<a href="https://www.wionews.com/business-economy/gold-hits-seven-year-high-on-rising-economic-worries-fed-stimulus-292463">Also Read:&nbsp;Gold hits seven year high on rising economic worries, Fed stimulus</a>

In another observation, the international fund had earlier said that Sub-Saharan African economies were projected to contract by 1.6 per cent in 2020 due to lockdowns as it projected the global economy to contract by 3.0 per cent this year.

"Among emerging market and developing economies, all countries face a health crisis... which will have a severe impact on economic activity in commodity exporters," said the report.

"Even in countries not experiencing widespread detected outbreaks... the significant downward revision to the 2020 growth projection reflects large anticipated domestic disruptions to economic activity from COVID-19," the IMF added.

The International Monetary Fund(IMF) said on Tuesday that the coronavirus pandemic recovery would take a more coordinated stimulus. "The cumulative loss to global GDP over 2020 and 2021 from the pandemic crisis could be around $9 trillion, greater than the economies of Japan and Germany combined," it said.

The International Monetary Fund(IMF) said on Tuesday that the coronavirus pandemic recovery would take a more coordinated stimulus. "The cumulative loss to global GDP over 2020 and 2021 from the pandemic crisis could be around $9 trillion, greater than the economies of Japan and Germany combined," it said. "Global growth is projected at –3.0 per cent in 2020, an outcome far worse than during the 2009 global financial crisis," IMF said. "Several economies in the region are forecast to grow at modest rates, including India which is set to grow at 1.9 per cent," the report said. The IMF projected India's growth to 7.4 per cent in 2021. It said India will grow at 1.9 per cent this year as the global economy stares at a recession but said it is only one of the two major economies to record positive growth, other being China which is set to grow at 1.2 per cent this year. Also Read: Gold hits seven year high on rising economic worries, Fed stimulus In another observation, the international fund had earlier said that Sub-Saharan African economies were projected to contract by 1.6 per cent in 2020 due to lockdowns as it projected the global economy to contract by 3.0 per cent this year. "Among emerging market and developing economies, all countries face a health crisis... which will have a severe impact on economic activity in commodity exporters," said the report. "Even in countries not experiencing widespread detected outbreaks... the significant downward revision to the 2020 growth projection reflects large anticipated domestic disruptions to economic activity from COVID-19," the IMF added.

India's growth rate to be 1.9% in 2020: IMF report

Tentative signs of hope emerged Thursday that the coronavirus pandemic was peaking, as the European Union sealed a rescue package to help the hard-hit continent.&nbsp;

With the death toll passing 94,000, there remained plenty of grim news, with the IMF warning that the world was dipping into a new Great Depression and new data showing the United States has shed a massive 17 million jobs in a matter of weeks.

Also read:&nbsp;<a href="https://www.wionews.com/world/imf-says-coronavirus-could-trigger-worst-fallout-since-the-1930s-291638" hreflang="en">IMF says coronavirus could trigger worst fallout since the 1930s</a>

But hospitalisations dropped in several countries and British Prime Minister Boris Johnson, the highest profile of the 1.5 million people infected by the virus, exited three days of intensive care.

"The fire started by the pandemic is starting to come under control," said Prime Minister Pedro Sanchez of Spain, where fatalities inched down to 683 from 757 a day before, pushing the total above 15,000.

"Our priority now is not to turn back, especially not to return to our starting point, not to lower our guard," Sanchez told parliament.

Also read:&nbsp;<a href="https://www.wionews.com/world/france-to-extend-lockdown-as-thailand-begins-mobile-testing-291630" hreflang="en">France to extend lockdown as Thailand begins mobile testing&nbsp;</a>

France reported that 82 fewer people were in intensive care for COVID-19 -- the first fall since the pandemic broke out.

EU finance ministers agreed in late-night talks to a 500 billion-euro&nbsp;rescue package aimed at reducing pain across the 27-nation bloc, especially hardest-hit Italy and Spain.

"Europe has decided and is ready to meet the gravity of the crisis," French Finance Minister Bruno Le Maire tweeted after the talks.

He warned earlier in the day that France's economy is expected to shrink six percent this year, even with the country's own 100-billion-euro relief plan.

EU finance ministers put aside proposals by France and Italy for pooled borrowing. The Netherlands relented and let the deal come through after pushing hard for Italy and other affected countries to undertake economic reforms.

Tentative signs of hope emerged Thursday that the coronavirus pandemic was peaking, as the European Union sealed a rescue package to help the hard-hit continent.

Tentative signs of hope emerged Thursday that the coronavirus pandemic was peaking, as the European Union sealed a rescue package to help the hard-hit continent. With the death toll passing 94,000, there remained plenty of grim news, with the IMF warning that the world was dipping into a new Great Depression and new data showing the United States has shed a massive 17 million jobs in a matter of weeks. Also read: IMF says coronavirus could trigger worst fallout since the 1930s But hospitalisations dropped in several countries and British Prime Minister Boris Johnson, the highest profile of the 1.5 million people infected by the virus, exited three days of intensive care. "The fire started by the pandemic is starting to come under control," said Prime Minister Pedro Sanchez of Spain, where fatalities inched down to 683 from 757 a day before, pushing the total above 15,000. "Our priority now is not to turn back, especially not to return to our starting point, not to lower our guard," Sanchez told parliament. Also read: France to extend lockdown as Thailand begins mobile testing France reported that 82 fewer people were in intensive care for COVID-19 -- the first fall since the pandemic broke out. EU finance ministers agreed in late-night talks to a 500 billion-euro rescue package aimed at reducing pain across the 27-nation bloc, especially hardest-hit Italy and Spain. "Europe has decided and is ready to meet the gravity of the crisis," French Finance Minister Bruno Le Maire tweeted after the talks. He warned earlier in the day that France's economy is expected to shrink six percent this year, even with the country's own 100-billion-euro relief plan. EU finance ministers put aside proposals by France and Italy for pooled borrowing. The Netherlands relented and let the deal come through after pushing hard for Italy and other affected countries to undertake economic reforms.

European Union strikes rescue deal as hopes rise of coronavirus easing

The biggest headline to emerge today is from the international monetary fund. &nbsp;The IMF chief has said that the coronavirus could trigger the worst fallout since the 1930s great depression.

This pandemic will soon turn the global economic growth 'sharply negative' and the crisis it'll trigger will carry on till next year. The IMF says it sees only partial recovery in 2021. The picture of the social and economic impact of this pandemic is getting bleaker.

170 countries will experience negative per capita income growth this year and the developing nations will be the hardest-hit. IMF says that investors have already removed 100 billion dollars in capital from such countries.

Even though they can only cover a portion of the costs on their own. This is where the I-m-f says it will step in. The chief of this body says they are ready to deploy 1 trillion dollars in lending capacity. It has doubled its emergency funding to 100 billion dollars to meet the requests of 90 countries. But it may not be enough. The solution they say is for creditors like china to temporarily stop collecting debt payments on their bilateral loans...

&nbsp;Will China agree? That remains to be seen.

We are hours away from a UNSC session on coronavirus crisis. We can only hope that they pass a resolution along these lines.

The biggest headline to emerge today is from the international monetary fund. The IMF chief has said that the coronavirus could trigger the worst fallout since the 1930s great depression.

The biggest headline to emerge today is from the international monetary fund. The IMF chief has said that the coronavirus could trigger the worst fallout since the 1930s great depression. This pandemic will soon turn the global economic growth 'sharply negative' and the crisis it'll trigger will carry on till next year. The IMF says it sees only partial recovery in 2021. The picture of the social and economic impact of this pandemic is getting bleaker. 170 countries will experience negative per capita income growth this year and the developing nations will be the hardest-hit. IMF says that investors have already removed 100 billion dollars in capital from such countries. Even though they can only cover a portion of the costs on their own. This is where the I-m-f says it will step in. The chief of this body says they are ready to deploy 1 trillion dollars in lending capacity. It has doubled its emergency funding to 100 billion dollars to meet the requests of 90 countries. But it may not be enough. The solution they say is for creditors like china to temporarily stop collecting debt payments on their bilateral loans... Will China agree? That remains to be seen. We are hours away from a UNSC session on coronavirus crisis. We can only hope that they pass a resolution along these lines.

IMF says coronavirus could trigger worst fallout since the 1930s

The IMF has postponed the second review of its $6 billion bailout package for cash-strapped Pakistan scheduled on Friday, citing a delay by the country in implementing the agreed actions, a media report said on Tuesday.

The International Monetary Fund Executive Board approved a three-year, $6 billion loan package for Pakistan in July last year to rein in mounting debts and stave off a looming balance of payments crisis, in exchange for tough austerity measures.

Pakistan approached the IMF in August 2018 for a bailout package after Prime Minister Imran Khan's government took over.

Despite loans from China, Saudi Arabia and the UAE, Prime Minister Khan's government was forced to turn to the IMF due to mounting economic problems.

The IMF has confirmed the postponing of the second review of the bailout package but says its priority has now shifted to the approval of a rapid financing facility of USD 1.4 billion.

The Ministry of Finance told The Express Tribune that the IMF did not inform it about any delay in the approval of the second review of the 10-month-old loan programme.

In February, Pakistan and the IMF agreed that the fund's executive board would approve the second review for the release of a third loan tranche of USD 450 million on April 10, subject to fulfilling of all the conditions by the Pakistan government.

Sources said the IMF board would not take up Pakistan's request for approval of the second review for the October-December 2019 period under the Extended Fund Facility (EFF) on April 10.

The IMF has postponed the second review of its $6 billion bailout package for cash-strapped Pakistan scheduled on Friday, citing a delay by the country in implementing the agreed actions, a media report said on Tuesday.

The IMF has postponed the second review of its $6 billion bailout package for cash-strapped Pakistan scheduled on Friday, citing a delay by the country in implementing the agreed actions, a media report said on Tuesday. The International Monetary Fund Executive Board approved a three-year, $6 billion loan package for Pakistan in July last year to rein in mounting debts and stave off a looming balance of payments crisis, in exchange for tough austerity measures. Pakistan approached the IMF in August 2018 for a bailout package after Prime Minister Imran Khan's government took over. Despite loans from China, Saudi Arabia and the UAE, Prime Minister Khan's government was forced to turn to the IMF due to mounting economic problems. The IMF has confirmed the postponing of the second review of the bailout package but says its priority has now shifted to the approval of a rapid financing facility of USD 1.4 billion. The Ministry of Finance told The Express Tribune that the IMF did not inform it about any delay in the approval of the second review of the 10-month-old loan programme. In February, Pakistan and the IMF agreed that the fund's executive board would approve the second review for the release of a third loan tranche of USD 450 million on April 10, subject to fulfilling of all the conditions by the Pakistan government. Sources said the IMF board would not take up Pakistan's request for approval of the second review for the October-December 2019 period under the Extended Fund Facility (EFF) on April 10.

IMF postpones the second review of $6 billion bailout package for Pakistan

The global recession caused by the coronavirus pandemic will be worse than in 2009, but early signs of a recovery are appearing in China, including renewed pollution, IMF economists said Monday.

Also read:&nbsp;<a href="https://www.wionews.com/world/iran-reports-136-new-deaths-as-authorities-say-gradual-downtrend-in-coronvirus-cases-290927" hreflang="en">Iran reports 136 new deaths as authorities say 'gradual downtrend' in coronvirus cases</a>

"The COVID-19 pandemic has pushed the world into a recession. For 2020 it will be worse than the global financial crisis," the authors, including International Monetary Fund chief economist Gita Gopinath, said in a blog post.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/british-pm-boris-johnson-in-good-spirits-after-being-hospitalised-due-to-covid-19-290908" hreflang="en">British PM Boris Johnson in 'good spirits' after being hospitalised due to COVID-19</a>

"The economic damage is mounting across all countries, tracking the sharp rise in new infections and containment measures put in place by governments."

Also read:&nbsp;<a href="https://www.wionews.com/world/south-korea-reports-fewer-than-50-coronavirus-cases-who-lauds-nations-response-290895" hreflang="en">South Korea reports fewer than 50 coronavirus cases; WHO lauds nation's response</a>

China, where the virus appeared in mid-December, was the first hit by the full force of the economic impact as authorities locked down whole regions to try to contain the spread.

The world's second largest economy, China saw a modest recovery in a key manufacturing index in March, and satellite images show increasing concentrations of nitrogen dioxide last month, indicating a pickup in industrial activity and transportation, the blog said.

"The recovery in China, albeit limited, is encouraging, suggesting that containment measures can succeed in controlling the epidemic and pave the way for a resumption of economic activity," the authors wrote.&nbsp;

However, they warned of "huge uncertainty about the future path of the pandemic and a resurgence of its spread in China and other countries cannot be ruled out."

There were more than 82,660 cases in China and 3,335 dead, according to Johns Hopkins University. Worldwide, there are now 1.3 million confirmed cases.

The global recession caused by the coronavirus pandemic will be worse than in 2009, but early signs of a recovery are appearing in China, including renewed pollution, IMF economists said Monday.

The global recession caused by the coronavirus pandemic will be worse than in 2009, but early signs of a recovery are appearing in China, including renewed pollution, IMF economists said Monday. Also read: Iran reports 136 new deaths as authorities say 'gradual downtrend' in coronvirus cases "The COVID-19 pandemic has pushed the world into a recession. For 2020 it will be worse than the global financial crisis," the authors, including International Monetary Fund chief economist Gita Gopinath, said in a blog post. Also read: British PM Boris Johnson in 'good spirits' after being hospitalised due to COVID-19 "The economic damage is mounting across all countries, tracking the sharp rise in new infections and containment measures put in place by governments." Also read: South Korea reports fewer than 50 coronavirus cases; WHO lauds nation's response China, where the virus appeared in mid-December, was the first hit by the full force of the economic impact as authorities locked down whole regions to try to contain the spread. The world's second largest economy, China saw a modest recovery in a key manufacturing index in March, and satellite images show increasing concentrations of nitrogen dioxide last month, indicating a pickup in industrial activity and transportation, the blog said. "The recovery in China, albeit limited, is encouraging, suggesting that containment measures can succeed in controlling the epidemic and pave the way for a resumption of economic activity," the authors wrote. However, they warned of "huge uncertainty about the future path of the pandemic and a resurgence of its spread in China and other countries cannot be ruled out." There were more than 82,660 cases in China and 3,335 dead, according to Johns Hopkins University. Worldwide, there are now 1.3 million confirmed cases.

Pollution data shows early signs of China recovery: IMF

According to former Pakistan pacer spearhead Shoaib Akhtar's latest tweet: "This coronavirus pandemic is going to leave more people bankrupt than dead."

Also read:&nbsp;<a href="https://www.wionews.com/sports/shoaib-akhtar-blames-chinas-eating-habits-for-coronavirus-expresses-anger-at-putting-world-at-risk-286534">Shoaib Akhtar blames China's eating habits for coronavirus, expresses anger at putting 'world at risk'</a>

Shoaib took to Twitter to share this prediction:&nbsp;

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This Corona virus pandemic is going to leave more people bankrupt than dead.
— Shoaib Akhtar (@shoaib100mph) <a href="https://twitter.com/shoaib100mph/status/1245033125236834306?ref_src=twsrc%5Etfw">March 31, 2020</a></blockquote>
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Akhtar might not be wrong in predicting this as the IMF chief Kristalina Georgieva said: "It is clear that we have entered a recession that will be worse than in 2009 following the global financial crisis."

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/clear-we-have-entered-recession-would-be-worse-than-2009-imf-289009">Clear we have entered recession, would be worse than 2009: IMF</a>

Akhtar has been vocal on the on-going coronavirus pandemic. Earlier, Akhtar said in his YouTube video: "Request all my fans all across the globe. Coronavirus is a global crisis and we have to think as a global force, rise above religion. Lockdown is happening so that the virus does not spread. If you are doing interaction and meeting in places, it will not help. If you are hoarding things, please think about the daily wage workers. Stores are empty. What is the guarantee that you will live after three months? Think about the daily wage worker, how will he feed his family? Think about people, time to be a human, not Hindu, Muslim. People will have to help each other, collect funds. Stop Hoarding."

Akhtar even blamed China for their eating habits and blamed them for the global pandemic that threatens humanity. He said: "I don't understand if God has made halal animals, why are you eating haram. When God has given you so much livestock, why can't you eat that? Why do you have to eat bats, cats and dogs, drink their urine, their blood, and spread the virus in the entire world? I don`t understand, I'm really angry," Dawn.com quoted Akhtar as saying."I`m really angry. They've got the whole world at stake, these Chinese."

According to former Pakistan pacer spearhead Shoaib Akhtar's latest tweet: "This coronavirus pandemic is going to leave more people bankrupt than dead." Also read: Shoaib Akhtar blames China's eating habits for coronavirus, expresses anger at putting 'world at risk' Shoaib took to Twitter to share this prediction: This Corona virus pandemic is going to leave more people bankrupt than dead.

According to former Pakistan pacer spearhead Shoaib Akhtar's latest tweet: "This coronavirus pandemic is going to leave more people bankrupt than dead." Also read: Shoaib Akhtar blames China's eating habits for coronavirus, expresses anger at putting 'world at risk' Shoaib took to Twitter to share this prediction: This Corona virus pandemic is going to leave more people bankrupt than dead. — Shoaib Akhtar (@shoaib100mph) March 31, 2020 × Akhtar might not be wrong in predicting this as the IMF chief Kristalina Georgieva said: "It is clear that we have entered a recession that will be worse than in 2009 following the global financial crisis." Also read: Clear we have entered recession, would be worse than 2009: IMF Akhtar has been vocal on the on-going coronavirus pandemic. Earlier, Akhtar said in his YouTube video: "Request all my fans all across the globe. Coronavirus is a global crisis and we have to think as a global force, rise above religion. Lockdown is happening so that the virus does not spread. If you are doing interaction and meeting in places, it will not help. If you are hoarding things, please think about the daily wage workers. Stores are empty. What is the guarantee that you will live after three months? Think about the daily wage worker, how will he feed his family? Think about people, time to be a human, not Hindu, Muslim. People will have to help each other, collect funds. Stop Hoarding." Akhtar even blamed China for their eating habits and blamed them for the global pandemic that threatens humanity. He said: "I don't understand if God has made halal animals, why are you eating haram. When God has given you so much livestock, why can't you eat that? Why do you have to eat bats, cats and dogs, drink their urine, their blood, and spread the virus in the entire world? I don`t understand, I'm really angry," Dawn.com quoted Akhtar as saying."I`m really angry. They've got the whole world at stake, these Chinese."

'Coronavirus going to leave more people bankrupt than dead', says Shoaib Akhtar

Good morning! Start your day with WION's news brief!

<a href="https://www.wionews.com/world/coronavirus-us-records-highest-single-day-death-toll-as-trump-says-painful-two-weeks-ahead-289801" hreflang="en">United States records highest single-day COVID-19 death toll at 865</a>

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The United States recorded 865 new deaths in just 24 hours due the&nbsp;coronavirus&nbsp;epidemic with the number of confirmed cases surging to 188,547, according to Johns Hopkins coronavirus resource centre.

<a href="https://www.wionews.com/world/uk-reports-record-381-covid-19-deaths-including-13-year-old-boy-289805">UK reports record 381 COVID-19 deaths, including 13-year-old boy</a>

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Britain recorded the highest death toll of 381 on Tuesday, an increase of twenty-nine per cent as the coronavirus continued to ravage to the country.

<a href="https://www.wionews.com/business-economy/banking-systems-may-need-help-if-handicapped-by-disruption-from-coronavirus-lockdowns-imf-289804">Banking systems may need help if handicapped by disruption from COVID-19: IMF</a>

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Officials at the International Monetary Fund (IMF) have suggested that the banking systems of some countries might have to be recapitalised or even restructured, if their economies are severely handicapped by prolonged disruption from the coronavirus outbreak.

<a href="https://www.wionews.com/entertainment/harry-and-meghan-embark-on-new-life-in-los-angeles-289803" hreflang="en">Harry and Meghan embark on new life in Los Angeles</a>

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Every starry-eyed ingenue arriving in Los Angeles faces the same question: how to catch that big break in Hollywood? For Prince Harry and his wife Meghan, it's far more complicated.

WATCH|&nbsp;<a href="https://www.wionews.com/videos/gravitas-world-follows-india-in-thanking-front-line-workers-289798" hreflang="en">Gravitas: World follows India in thanking front-line workers</a>

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Good morning! Start your day with WION's news brief! United States records highest single-day COVID-19 death toll at 865 The United States recorded 865 new deaths in just 24 hours due the coronavirus epidemic with the number of confirmed cases surging to 188,547, according to Johns Hopkins coronavirus resource centre.

Good morning! Start your day with WION's news brief! United States records highest single-day COVID-19 death toll at 865 The United States recorded 865 new deaths in just 24 hours due the coronavirus epidemic with the number of confirmed cases surging to 188,547, according to Johns Hopkins coronavirus resource centre. UK reports record 381 COVID-19 deaths, including 13-year-old boy Britain recorded the highest death toll of 381 on Tuesday, an increase of twenty-nine per cent as the coronavirus continued to ravage to the country. Banking systems may need help if handicapped by disruption from COVID-19: IMF Officials at the International Monetary Fund (IMF) have suggested that the banking systems of some countries might have to be recapitalised or even restructured, if their economies are severely handicapped by prolonged disruption from the coronavirus outbreak. Harry and Meghan embark on new life in Los Angeles Every starry-eyed ingenue arriving in Los Angeles faces the same question: how to catch that big break in Hollywood? For Prince Harry and his wife Meghan, it's far more complicated. WATCH| Gravitas: World follows India in thanking front-line workers ×

Morning News Brief: US, UK record highest deaths due to COVID-19 in single day and more!

The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday.

"It is clear that we have entered a recession" that will be worse than in 2009 following the global financial crisis, she said in an online press briefing.

Also read | <a href="https://www.wionews.com/world/coronavirus-pandemic-sets-the-stage-for-unprecedented-global-economic-losses-288927">Coronavirus pandemic sets the stage for unprecedented global economic losses</a>

With the worldwide economic "sudden stop," Georgieva said the fund's estimate "for the overall financial needs of emerging markets is $2.5 trillion."&nbsp;

But she warned that estimate "is on the lower end."

Governments in emerging markets, which have suffered an exodus of capital of more than $83 billion in recent weeks, can cover much of that, but "clearly the domestic resources are insufficient" and many already have high debt loads.

Over 80 countries, mostly of low incomes, have already have requested emergency aid from the International Monetary Fund, she said.

"We do know that their own reserves and domestic resources will not be sufficient," Georgieva said, adding that the fund is aiming to beef up its response "to do more, do it better, do it faster than ever before."

The IMF chief spoke to reporters following a virtual meeting with the Washington-based lender's steering committee, when she officially requested an increase in the fund's fast-deploying emergency facilities from their current level of around $50 billion.

She also welcomed the $2.2 trillion economic package approved by the US Senate, saying "it is absolutely necessary to cushion the world's largest economy against an abrupt drop the economic activities." 
&nbsp;

The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday.

The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday. "It is clear that we have entered a recession" that will be worse than in 2009 following the global financial crisis, she said in an online press briefing. Also read | Coronavirus pandemic sets the stage for unprecedented global economic losses With the worldwide economic "sudden stop," Georgieva said the fund's estimate "for the overall financial needs of emerging markets is $2.5 trillion." But she warned that estimate "is on the lower end." Governments in emerging markets, which have suffered an exodus of capital of more than $83 billion in recent weeks, can cover much of that, but "clearly the domestic resources are insufficient" and many already have high debt loads. Over 80 countries, mostly of low incomes, have already have requested emergency aid from the International Monetary Fund, she said. "We do know that their own reserves and domestic resources will not be sufficient," Georgieva said, adding that the fund is aiming to beef up its response "to do more, do it better, do it faster than ever before." The IMF chief spoke to reporters following a virtual meeting with the Washington-based lender's steering committee, when she officially requested an increase in the fund's fast-deploying emergency facilities from their current level of around $50 billion. She also welcomed the $2.2 trillion economic package approved by the US Senate, saying "it is absolutely necessary to cushion the world's largest economy against an abrupt drop the economic activities."

Clear we have entered recession, would be worse than 2009: IMF

Iran seeks the first International Monetary Fund loan in 6 decades. The satellite images show mass graves in Iran. Was Iran slow in isolating itself from China?

Iran seeks first IMF loan in 6 decades, satellite images show mass graves in Iran!

In order to counter the economic impact from the ongoing coronavirus crisis, government&nbsp;and policy-makers need to implement substantial measures

That's the word from international monetary fund's chief economist Gita Gopinath.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/trade-impact-of-coronavirus-epidemic-for-india-estimated-at-348-million-dollars-un-report-284461" hreflang="en">Trade impact of Coronavirus epidemic for India estimated at 348 million dollars: UN report</a>

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In a blog on IMF's website, Chief economist at IMF, Gita Gopinath has suggested some recommendations like providing money directly into the hands of households and businesses and also implement substantial targeted fiscal and financial market measures.

Also read:&nbsp;<a href="https://www.wionews.com/world/global-growth-to-fall-below-last-years-level-due-to-coronavirus-imf-284325" hreflang="en">Global growth to fall below last year's level due to coronavirus: IMF</a>

Gopinath further added that the government should enhance funding unwell workers so that they can stay at home without fear of losing their jobs.

She also suggested that to counter the current instability central banks should be ready to provide liquidity to banks particularly to those lending to medium and cottage industries.

Gopinath said that for those laid off, unemployment insurance could be temporarily enhanced, by extending the duration of the insurance, increasing benefits or relaxing eligibility for the same.

She elucidated the example of Italy’s extension of tax deadline and wage supplementation fund to support the workers amid travel restrictions and quarantine.

In an effort to ease down the effects of financial crunch amid virus outbreak South Korea has initiated wage subsidies to help people need their daily needs and businesses to continue their services.&nbsp; 
&nbsp;

In order to counter the economic impact from the ongoing coronavirus crisis, government and policy-makers need to implement substantial measures That's the word from international monetary fund's chief economist Gita Gopinath.

In order to counter the economic impact from the ongoing coronavirus crisis, government and policy-makers need to implement substantial measures That's the word from international monetary fund's chief economist Gita Gopinath. Also read: Trade impact of Coronavirus epidemic for India estimated at 348 million dollars: UN report In a blog on IMF's website, Chief economist at IMF, Gita Gopinath has suggested some recommendations like providing money directly into the hands of households and businesses and also implement substantial targeted fiscal and financial market measures. Also read: Global growth to fall below last year's level due to coronavirus: IMF Gopinath further added that the government should enhance funding unwell workers so that they can stay at home without fear of losing their jobs. She also suggested that to counter the current instability central banks should be ready to provide liquidity to banks particularly to those lending to medium and cottage industries. Gopinath said that for those laid off, unemployment insurance could be temporarily enhanced, by extending the duration of the insurance, increasing benefits or relaxing eligibility for the same. She elucidated the example of Italy’s extension of tax deadline and wage supplementation fund to support the workers amid travel restrictions and quarantine. In an effort to ease down the effects of financial crunch amid virus outbreak South Korea has initiated wage subsidies to help people need their daily needs and businesses to continue their services.

IMF's chief economist Gita Gopinath suggest ways to counter economic impact from coronavirus

Financial markets and economic forecasts are warning of rising risks to the American and global economies, which were improving before novel coronaviruses spread from China around the world.

IMF cuts global growth forecast, Economic carnage of Coronavirus | Coronavirus Outbreak

The coronavirus epidemic has already disrupted<a href="https://www.wionews.com/business-economy/oil-up-on-slowing-pace-of-coronavirus-venezuela-sanctions-281596"> economic growth in China </a>and a further spread to other countries could derail a "highly fragile" projected recovery in the global economy in 2020, the International Monetary Fund warned on Wednesday.

In a note for G20 finance ministers and central bankers, the global lender mapped out many risks facing the global economy, including the disease and a renewed spike in US-China trade tensions, as well as climate-related disasters.

Watch:&nbsp;Coronavirus - Tourists Disappear from Chinatown, business down

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IMF Managing Director Kristalina Georgieva said the outbreak was a stark reminder of how unforeseen events could threaten a fragile recovery, and urged G20 policymakers to work to reduce other uncertainties linked to trade, climate change and inequality.

"Uncertainty is becoming the new normal," Georgieva wrote in a blog posted on the IMF website. "While some uncertainties — like disease — are out of our control, we should not create new uncertainties where we can avoid it."

<a href="https://www.wionews.com/business-economy/puma-adidas-fear-impacts-of-covid-19-on-china-business-281590">Also read: Puma, Adidas fear impacts of COVID-19 on China business</a>

Finance ministers and central bankers from the top 20 advanced industrialized economies will gather in Riyadh, Saudi Arabia, this week, still uncertain about the impact of the coronavirus, known as COVID-19.

Despite the outbreak, the IMF said it was sticking to its January forecast for 3.3% growth in the global economy this year, up from 2.9% in 2019. It represents a downward revision of 0.1 percentage points from its forecast in October.

It said the recovery would be shallow and could be derailed by re-escalation of trade tensions or a further spread of the disease, which had already disrupted production in China and could affect other countries through tourism, supply chain linkages and commodity prices.

China has said it could still meet its economic growth target for 2020 despite the epidemic. Georgieva said the IMF expected only a small reduction in China's gross domestic product growth unless a protracted outbreak worsens the slowdown.

Even in the best-case scenarios, the projected rate of global growth was modest, she said, urging G20 policymakers to act to reduce trade tensions, mitigate climate change and tackle persistent inequality.

Cyber attacks, an escalation of geopolitical tensions in the Middle East or a breakdown in trade talks between China and the United States could impede the short-term global recovery, the IMF said. Climate-related disasters, protectionism and social and political unrest triggered by persistent inequality posed further economic risks.

In her blog, Georgieva said a Phase 1 trade deal between the United States and China eliminated some negative consequences of trade tensions, reducing the drag on global GDP by 0.2% in 2020, or about one quarter of the total impact.

But it left many tariffs in place and contained managed trade arrangements that could distort trade and investment while costing the global economy many billions of dollars, she said.

She also cited new IMF estimates that a typical climate-related natural disaster reduced growth by an average of 0.4 percentage points in the affected country the year it ocurred.

To respond, policymakers should focus on diversifying energy sources and investing in resilient infrastructure.

Georgieva said it was also critical to address persistently high income and wealth inequalities that she said could foment distrust in government contribute to social unrest.

Ministers could act this week by focusing on raising living standards and creating better-paying jobs through investments in high-quality education, research and digitalization, she said.

The coronavirus epidemic has already disrupted economic growth in China and a further spread to other countries could derail a "highly fragile" projected recovery in the global economy in 2020, the International Monetary Fund warned on Wednesday.

The coronavirus epidemic has already disrupted economic growth in China and a further spread to other countries could derail a "highly fragile" projected recovery in the global economy in 2020, the International Monetary Fund warned on Wednesday. In a note for G20 finance ministers and central bankers, the global lender mapped out many risks facing the global economy, including the disease and a renewed spike in US-China trade tensions, as well as climate-related disasters. Watch: Coronavirus - Tourists Disappear from Chinatown, business down × IMF Managing Director Kristalina Georgieva said the outbreak was a stark reminder of how unforeseen events could threaten a fragile recovery, and urged G20 policymakers to work to reduce other uncertainties linked to trade, climate change and inequality. "Uncertainty is becoming the new normal," Georgieva wrote in a blog posted on the IMF website. "While some uncertainties — like disease — are out of our control, we should not create new uncertainties where we can avoid it." Also read: Puma, Adidas fear impacts of COVID-19 on China business Finance ministers and central bankers from the top 20 advanced industrialized economies will gather in Riyadh, Saudi Arabia, this week, still uncertain about the impact of the coronavirus, known as COVID-19. Despite the outbreak, the IMF said it was sticking to its January forecast for 3.3% growth in the global economy this year, up from 2.9% in 2019. It represents a downward revision of 0.1 percentage points from its forecast in October. It said the recovery would be shallow and could be derailed by re-escalation of trade tensions or a further spread of the disease, which had already disrupted production in China and could affect other countries through tourism, supply chain linkages and commodity prices. China has said it could still meet its economic growth target for 2020 despite the epidemic. Georgieva said the IMF expected only a small reduction in China's gross domestic product growth unless a protracted outbreak worsens the slowdown. Even in the best-case scenarios, the projected rate of global growth was modest, she said, urging G20 policymakers to act to reduce trade tensions, mitigate climate change and tackle persistent inequality. Cyber attacks, an escalation of geopolitical tensions in the Middle East or a breakdown in trade talks between China and the United States could impede the short-term global recovery, the IMF said. Climate-related disasters, protectionism and social and political unrest triggered by persistent inequality posed further economic risks. In her blog, Georgieva said a Phase 1 trade deal between the United States and China eliminated some negative consequences of trade tensions, reducing the drag on global GDP by 0.2% in 2020, or about one quarter of the total impact. But it left many tariffs in place and contained managed trade arrangements that could distort trade and investment while costing the global economy many billions of dollars, she said. She also cited new IMF estimates that a typical climate-related natural disaster reduced growth by an average of 0.4 percentage points in the affected country the year it ocurred. To respond, policymakers should focus on diversifying energy sources and investing in resilient infrastructure. Georgieva said it was also critical to address persistently high income and wealth inequalities that she said could foment distrust in government contribute to social unrest. Ministers could act this week by focusing on raising living standards and creating better-paying jobs through investments in high-quality education, research and digitalization, she said.

Coronavirus poses risks to fragile recovery in global economy: IMF

IMF says covid-19 could damage the global economy. they also say its full impact will depend on how quickly it is contained.

Coronavirus Outbreak: Covid-19 creates panic in hong kong

The International Monetary Fund (IMF) on Monday lowered growth estimate for India to 4.8% for FY20, citing stress in the non-bank financial sector and weak rural income growth as the major factors for the downward revision.

IMF lowers India growth estimate to 4.8% for FY20

The International Monetary Fund has slashed its estimate on India’s 2019 economic growth to 5.8% from the 6.1% expansion it projected in October, citing a sharper-than-expected slowdown in local demand and stress in the non-bank financial sector.

WION Dispatch: IMF: 'Slowdown in India is a drag on world economy'

The IMF has cut the global growth forecast citing sharp slowdown in developing economies like India. IMF gives two reasons, poor health of NBFCs & rural economy. Meanwhile a study shows the widening income inequality in India. Take a look.

Gravitas: 63 Indian Billionaires Have More Money Than The 2019 Budget

WION Edit: How To Revive Economic Growth In India Many Prescriptions, But No Solutions To Ongoing Slowdown In Indian Economy. #Gravitas #WIONEdit #IMF #IndianEconomy

WION Edit: How To Revive Economic Growth In India

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