"The global economy will need much more time than expected to fully recover from the shock caused by the outbreak of the emerging Corona virus," noted Kristalina Georgieva, the Managing Director of the International Monetary Fund.
Georgieva explained that "the IMF is likely to lower its 3 percent GDP forecast in 2020”, noting that "only a partial recovery is expected next year instead of the 5.8 percent recovery that was initially expected.”
According to Georgieva, the data received from around the world is worse than expected, considering that this means that fully recovering from this crisis will take much longer.
In parallel, Georgieva urged member states to keep communication channels open as well as trade flows that have given global growth support for decades, noting that "we need to keep trade flows open, especially medical supplies, that in the longer term we find a path to overcome what is happening now during this crisis," warning against the return to protectionism because of the current crisis.
Source (Al-Sharq Al-Awsat newspaper, Edited)
