'Covid-19 Impact on the Global Economy to Be Minor', IMF Hopes

The International Monetary Fund (IMF) director Kristalina Georgieva Saturday reaffirmed that the coronavirus outbreak will slightly decrease the growth of the world economy in 2020.

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“The impact on the world economy would be relatively minor and short-lived," said Georgieva at the G20 Finance Ministers meeting in Riyadh, Saudi Arabia.

According to IMF forecasts, the Covid-19 outbreak will reduce the growth of the global economy by about 0.1 percentage points and the growth of the Chinese economy by 5.6 percent in 2020.

Nevertheless, the growth consequences might be more protracted, if "the where the spread of the virus continues for longer and more globally," she explained.

The IMF director also added that international cooperation is “essential” to contain the Covid-19, especially in countries with weak health systems.​​​​​​​

So far, the coronavirus has infected 77,984 people worldwide, 2,362 of whom have died. In mainland China, 76,288 confirmed cases of infection have been recorded, 20,659 people have recovered from the disease, 11,477 patients are in critical condition, and 2,345 people died.​​​​​​​

The G20 Finance Ministers and Central Bank Governors Meeting is part of the previous events that prepare the G20 Summit of Heads of State and Government which will take place in Riyadh on Nov. 23.

The G-20 includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the U.K., the U.S., and the European Union.