Global economy now in recession, says IMF

WASHINGTON, D.C.: The head of the International Monetary Fund said on Friday (Saturday in Manila) said it is clear that the global economy has now entered a recession that could be as bad or worse than the 2009 downturn.

IMF Managing Director Kristalina Georgieva said the 189-nation lending agency was forecasting a recovery in 2021, saying it could be a “sizable rebound.” But she said this would only occur if nations succeed in containing the coronavirus disease 2019 (Covid-19) and limiting its economic damage.