The IMF joins a chorus of different organizations warning about a dire economic situation.
The International Monetary Fund Managing Director Kristalina Georgieva Thursday said the global growth will turn sharply negative in 2020, noting that "we anticipate the worst economic fallout since the Great Depression."
Countries around the world have taken fiscal actions amounting to about 8 trillion U.S. dollars in light of the COVID-19 pandemic, according to Georgieva, who noted that there has been "significant coordination."
She added that if the COVID-19 pandemic fades in the second half of the year, the multilateral lender's baseline assumption is for a "partial recovery" in 2021.
The multilateral lender now projects that over 170 countries will experience negative per capita income growth this year, Georgieva said, adding that "the bleak outlook applies to advanced and developing economies alike."